FX.co ★ Germany Wholesale Price Inflation Accelerates

Germany’s wholesale prices rose 5.3% year-on-year in July 2026, up from a 4.9% increase in June, which had been the slowest pace in three months. This marked the 20th consecutive month of wholesale price inflation, largely driven by higher costs for energy products and raw materials amid ongoing hostilities in the Middle East.

The steepest price increases were recorded for non-ferrous ores, metals and semi-finished metal products (27.8%), followed by mineral oil products (24.1%), chemical products (13.1%), and information and communication technology equipment (9.0%).

By contrast, prices declined for several categories of agricultural and food products, including 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 inched up 0.2%, reversing a 0.7% drop in June and posting the first increase in three months, though the rise came in below the 0.4% expected.