German Wholesale Inflation Highest Since 2023

Germany’s wholesale prices increased 6.8% year-on-year in August 2026, accelerating from a 5.3% rise in the previous month and marking the 21st consecutive month of increase. It was the fastest increase in wholesale price inflation since February 2023, driven mainly by higher energy products and raw materials amid ongoing hostilities in the Middle East. Prices rose sharply for mineral oil products (36.1%), followed by non-ferrous ores, metals and semi-finished products (27.4%), chemical products (13.6%), and information and communication technology equipment (11.1%). Conversely, prices fell for live animals (-18.3%), milk, dairy products, eggs, edible fats and oils (-10.3%), and meat and meat products (-6.7%). On a monthly basis, wholesale prices rose 0.9%, accelerating from a 0.2% gain in July, marking the fastest pace in four months and surpassing market expectations of 0.1%.

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.