- Germany September wholesale prices +1.9% m/m
- Prior +0.9%
- Germany September wholesale prices +8.7% y/y
- Prior +6.8%
The annual estimate indicates that German wholesale prices are 8.7% higher in September this year compared to the same month a year ago. That marks the highest annual price jump since February 2023 and will add to inflation concerns in the German economy.
Much of the price jump this year can be attributed to the Middle East conflict, which resulted in higher wholesale prices of energy products and intermediate goods such as metals, in particular.
Looking at the details, the main cause of the annual increase in wholesale prices is tied to the increase in the prices of mineral oil products, with prices up 48.8% from September 2025. Compared with August 2026, prices rose by 10.5%.
Meanwhile, the increase in prices in the wholesale of non-ferrous ores, non-ferrous metals and non-ferrous semi-finished metal products (+24.9% on September 2025, +2.1% on August 2026) also had a considerable impact on the development of prices compared with the same month of the previous year.
Overall, the latest reading here continues to paint a rather uncomfortable picture for Germany as businesses continue to face rising input costs. And with energy prices being a major contributor, there is only so much that firms can do to absorb those increases before passing some of the burden on to consumers.
Of course, higher wholesale prices don’t necessarily mean that consumer inflation will follow suit immediately. But the longer that these cost pressures persist, the harder it becomes for businesses to shield households from higher prices. And that won’t make the ECB’s job any easier, especially if higher energy inflation stands feeding through to the broader economy and raising the risks of second-round effects.
This article was written by Justin Low at investinglive.com.
