Germany Wholesale Price Inflation Accelerates

Germany’s wholesale prices rose 5.3% year-on-year in July 2026, accelerating from a 4.9% increase in the previous month, which had marked the slowest growth in three months. The latest result was the 20th consecutive month of wholesale price inflation, driven mainly by higher energy products and raw materials amid ongoing hostilities in the Middle East. Prices rose sharply for non-ferrous ores, metals and semi-finished products (27.8%) and mineral oil products (24.1%), followed by chemical products (13.1%) and information and communication technology equipment (9.0%). In contrast, prices fell for live animals (-18.5%), milk, dairy products, eggs, edible fats and oils (-9.4%), and meat and meat products (-6.1%). On a monthly basis, wholesale prices edged up 0.2%, reversing a 0.7% decline in June and marking the first increase in three months, although the rise was below the 0.4% expected.

Germany's wholesale prices rose 4.9% year-on-year in June 2026, easing from a 5.9% increase in May. Despite the slowdown, the latest reading marked the 19th consecutive month of wholesale price inflation, with energy products and raw materials remaining the main drivers amid the conflict in the Middle East. The sharpest price increases were recorded for mineral oil products (21.7%) and non-ferrous ores, non-ferrous metals, and semi-finished non-ferrous metal products (31.0%), followed by chemical products (14.9%) and iron, steel, and semi-finished ferrous metal products (8.2%). These increases, however, were partly offset by lower prices for live animals (-16.0%), coffee, tea, cocoa, and spices (-10.0%), and milk, dairy products, eggs, edible fats, and oils (-8.5%). On a monthly basis, wholesale prices fell 0.7% in June, following a 0.6% drop in May, marking the second consecutive monthly decline and contrasted with market expectations for a 0.5% rise.

Germany's wholesale prices increased 5.9% year-on-year in May 2026, easing from a 6.3% rise in April, which had marked the strongest annual increase since February 2023. Despite the slowdown, wholesale inflation extended its upward trend for an 18th consecutive month, largely reflecting the impact of Middle East hostilities on commodity markets. Prices continued to surge for petroleum products (30.5%) and non-ferrous ores, metals, and related semi-finished products (36.1%). Further increases were seen in chemical products (13.3%), flowers and plants (8.5%), and iron, steel, and semi-finished products (6.7%). Meanwhile, prices fell for coffee, tea, cocoa, and spices (-10.7%), live animals (-10.1%), and milk, dairy products, eggs, edible oils, and fats (-8.1%). On a monthly basis, wholesale prices dropped 0.6%, reversing April's 2.0% increase and marking the first monthly decline since December, compared with market expectations for a 0.8% rise.