German Wholesale Prices Rise 8.7 Percent in September, the Most Since February 2023
Germany’s wholesale selling prices rose 8.7 percent in September from a year earlier, the highest rate since February 2023, when it was 9.5 percent, after 6.8 percent in August and 5.3 percent in July, the Federal Statistical Office (Destatis) said on 14 October. Prices rose 1.9 percent on the month, and the annual rate has picked up 3.4 percentage points in 2 months, on our calculation.
Mineral oil leads the rise
Mineral oil products were the main driver, up 48.8 percent on the year and 10.5 percent on the month. Non-ferrous ores and metals rose 24.9 percent, grain, unmanufactured tobacco, seeds and animal feeds 19.3 percent, chemical products 16.4 percent and computers and peripheral equipment 12.1 percent. The office attributed the increase to the conflict in Iran and the Middle East, which lifted wholesale prices of energy products and of intermediate goods such as metals.
Food lines lower on the year
Wholesale prices of live animals fell 15.1 percent on the year, milk, dairy products, eggs, edible fats and oils 9.7 percent, and meat and meat products 6.0 percent, although all three rose on the month.
German wholesale prices by line, September 2026, percent
| Line | On a year earlier | On August |
|---|---|---|
| All wholesale | 8.7 | 1.9 |
| Mineral oil products | 48.8 | 10.5 |
| Non-ferrous ores and metals | 24.9 | 2.1 |
| Grain, tobacco, seeds and animal feeds | 19.3 | 6.5 |
| Chemical products | 16.4 | 1.7 |
| Computers and peripheral equipment | 12.1 | 0.8 |
| Meat and meat products | -6.0 | 1.4 |
| Milk, dairy, eggs, edible fats and oils | -9.7 | 0.6 |
| Live animals | -15.1 | 5.0 |
Lines below the total are ranked by the annual change. Base year 2021.
Why it matters: The annual rate has picked up in each of the last 2 months, and the office tied September’s rise to energy products and intermediate goods such as metals, costs that sit early in Germany’s supply chain, on our reading.
Outlook: The October wholesale reading will show whether energy costs keep pushing up the prices of intermediate goods.
Sources: Federal Statistical Office (Destatis), The Edge.
