Germany Wholesale Prices Hit 9-Month High

Germany’s wholesale prices rose 1.2% yoy in December 2025, easing from a 1.5% growth in the previous month, which had marked the fastest rate since February. Still, the latest reading extended the uptrend to a 13th straight month. The annual rise was largely driven by a sharp surge in prices for non-ferrous ores, non-ferrous metals, and related semi-finished products, which jumped 34.6%. Meanwhile, costs for food, beverages, and tobacco increased 2.4%, led by sugar, confectionery, and baked goods (12.8%), followed by coffee, tea, cocoa, and spices (7.4%), as well as meat and meat products (5.0%). In contrast, prices declined for cereals, raw tobacco, seeds, and animal feed (-7.3%), along with milk, dairy products, eggs, edible oils, and edible fats (-3.3%). On a monthly basis, wholesale prices fell 0.2%, reversing gains of 0.3% in each of the prior two months, missing forecasts for a 0.2% increase and marking the first monthly decline since August.

Germany’s wholesale prices rose by 1.5% year on year in November 2025, accelerating from a 1.1% increase in the previous month and marking the highest reading since February. The upturn was mainly driven by higher prices for food, beverages, and tobacco, which increased by 3.2%, particularly for coffee, tea, cocoa, and spices (21.9%), sugar, confectionery, and baked goods (12.3%), meat and meat products (7.3%), and live animals (4.8%). Moreover, prices for non-ferrous ores, non-ferrous metals, and related semi-finished products surged by 28.1%. In contrast, prices for scrap materials and residues declined by 6.5%. On a monthly basis, wholesale prices stood at 0.3% in November, unchanged from the previous month and slightly higher than market expectations of a 0.2% increase.

Germany’s wholesale prices rose 1.1% year-on-year in October 2025, after a 1.0% growth in the previous month, marking the 11th straight month of gain. Food, beverages, and tobacco costs increased 3.5%, driven by sharp rises in coffee, tea, cocoa, and spices (20.8%), sugar and bakery products (13.0%), and meat (9.4%). Prices for non-ferrous ores and metals also surged 26.3%. Meanwhile, declines were seen in waste materials (-8.6%), grains and animal feed (-7.3%), machinery (-4.0%), and petroleum products (-2.1%). On a monthly basis, prices rose 0.3%, exceeding forecasts of 0.1% and marking the strongest increase since February.