German Wholesale Prices Rise 8.7% Year-on-Year in September 2026

German wholesale selling prices increased by 8.7% year-on-year in September 2026 and 1.9% compared with August, according to Germany’s Federal Statistical Office (Destatis).

The annual increase accelerated from 6.8% in August and 5.3% in July. September’s increase was the largest since February 2023, when wholesale prices rose by 9.5% year-on-year.

Destatis attributed the latest price pressures in part to the conflict in Iran and the Middle East, which contributed to higher wholesale prices for energy products and intermediate goods, particularly metals.

Mineral Oil Products Lead Wholesale Price Increases

Mineral oil products were the main contributor to the annual increase in German wholesale prices in September.

Prices in this category rose 48.8% year-on-year and 10.5% month-on-month, reflecting substantial price pressure in the energy-related segment.

Other categories also recorded significant annual increases:

• Non-ferrous ores, non-ferrous metals and related semi-finished products: +24.9% year-on-year and +2.1% month-on-month.
• Grain, unmanufactured tobacco, seeds and animal feeds: +19.3% year-on-year and +6.5% month-on-month.
• Chemical products: +16.4% year-on-year and +1.7% month-on-month.
• Computers and peripheral equipment: +12.1% year-on-year and +0.8% month-on-month.

The figures show that price increases extended beyond mineral oil products, affecting metals, agricultural-related goods, chemicals and computer equipment.

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Some Wholesale Product Groups Record Lower Prices

Not all categories experienced annual price increases. Wholesale prices for live animals declined 15.1% year-on-year, although they rose 5.0% compared with August.

Prices for milk, dairy products, eggs, edible fats and oils fell 9.7% year-on-year, despite a 0.6% monthly increase.

Meat and meat products also recorded lower prices, declining 6.0% year-on-year while increasing 1.4% month-on-month.

These differences highlight the varying price trends across wholesale product categories. A year-on-year decline does not necessarily mean prices also fell from the previous month.

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What the Data Means for Germany’s Inflation Outlook

The September figures indicate a further acceleration in German wholesale price inflation, with energy products and metals among the major sources of pressure.

Higher wholesale prices can raise costs for businesses that purchase energy, raw materials and intermediate goods. However, the extent to which these increases feed through to consumer prices depends on factors such as business margins, demand and pricing decisions.

The wholesale price data should also be distinguished from consumer inflation measures. The report does not establish that consumer prices will rise at the same rate or that the European Central Bank will necessarily change its monetary policy in response.

Market Impact

The data point to renewed wholesale price pressure in Germany, particularly from mineral oil products and metals. This could be relevant to assessments of inflation risks and the broader eurozone economic outlook. However, the release alone does not establish a directional signal for the euro; market implications will depend on other inflation indicators, economic releases and expectations for European Central Bank policy.

Want to understand how inflation data influences currency movements and forex market trends? Explore our Market Analysis section for in-depth insights into market reactions and the factors driving exchange rate fluctuations.

Frequently Asked Questions

How much did German wholesale prices rise in September 2026?

German wholesale selling prices increased by 8.7% compared with September 2025 and by 1.9% compared with August 2026.

Which products recorded the largest price increase?

Mineral oil products recorded a 48.8% annual increase, the largest increase among the categories highlighted in the report.

Which wholesale product groups recorded price declines?

Prices fell year-on-year for live animals, milk and dairy products, eggs, edible fats and oils, and meat and meat products.

Primary source : Official Website Destatis