FX.co ★ Germany Wholesale Inflation Hits More Than 3-Year High

Germany’s wholesale prices rose by 8.7% year-on-year in September 2026, up from 6.8% in August. This was the fastest annual increase since February 2023, largely driven by sharp rises in energy and intermediate goods prices amid ongoing hostilities in the Middle East.

Price growth accelerated notably for mineral oil products (+48.8%), non-ferrous ores, metals and semi-finished metal products (+24.9%), and for grain, raw tobacco, seeds and animal feed (+19.3%). Prices also increased for chemical products (+16.4%) and for data processing and peripheral equipment (+12.1%).

By contrast, prices declined for live animals (-15.1%), for milk, dairy products, eggs, edible fats and oils (-9.7%), and for meat and meat products (-6.0%).

On a monthly basis, wholesale prices rose by 1.9% in September, quickening from a 0.9% increase in August. This was the strongest month-on-month rise in five months and exceeded market expectations of a 0.7% gain.