Germany Wholesale Inflation Highest Since 2023

Germany’s wholesale prices rose 8.8% year-on-year in October 2026, following an 8.7% gain in the previous month and marking the fastest pace since February 2023. This extended the streak of annual wholesale price inflation to 24 consecutive months, driven mainly by sharp increases in petroleum products (47.6%) and grain, raw tobacco, seeds, and animal feed (21.2%). Prices also strengthened for chemical products (18.6%), non-ferrous ores, metals, and semi-finished metal products (13.8%), and data processing and peripheral equipment (13.4%). In contrast, prices declined for live animals (-15.8%), coffee, tea, cocoa, and spices (-8.4%), and milk, dairy products, eggs, edible fats and oils (-7.1%). On a monthly basis, wholesale prices increased 0.4%, much slower than 1.9% in September and in line with market estimates. It was also the softest monthly rise in three months.

Germany’s wholesale prices jumped by 8.7% year-on-year in September 2026, accelerating from 6.8% in the previous month. The latest figure marked the fastest price growth since February 2023, driven largely by sharp increases in energy and intermediate goods prices amid ongoing hostilities in the Middle East. Prices rose at a faster pace for mineral oil products (+48.8%), non-ferrous ores, metals and semi-finished metal products (+24.9%), and grain, raw tobacco, seeds and animal feed (+19.3%). Moreover, prices increased for chemical products (+16.4%) and data processing and peripheral equipment (+12.1%). In contrast, prices fell for live animals (-15.1%), milk, dairy products, eggs, edible fats and oils (-9.7%), and meat and meat products (-6.0%). On a monthly basis, wholesale prices rose by 1.9% in September, accelerating from a 0.9% increase in the previous month. This marked the strongest monthly increase in five months and exceeded market expectations of 0.7%.

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%.