The Federal Statistical Office released its producer and import prices data on Tuesday. Switzerland's producer and import prices rose 0.3% in April, beating expectations for a 0.1% gain, after a flat reading in March.

The rise was driven by higher prices for petroleum products.

The Import Price Index increased 0.4% in April, while producer prices rose 0.2%.

On a yearly basis, producer and import prices plunged 2.4% in April, after a 4.7% drop in March.

The Import Price Index fell by 4.1% year-on year in April, while producer prices dropped 1.7%.