German Wholesale Prices Rise 4.9 Percent in June as the Annual Rate Cools
German wholesale prices rose 4.9 percent in June from a year earlier, easing from 5.9 percent in May, and fell 0.7 percent on the month, the Federal Statistical Office reported on 14 July. It was the second consecutive monthly decline, as the surge in energy and raw material prices from earlier in the year continued to fade.
The annual rate has cooled a full 1.0 percentage point in a single month, from 5.9 percent to 4.9 percent, our calculation, and two straight monthly falls point to easing pressure in the price pipeline that ultimately feeds through to consumers.
Why it matters: Wholesale prices are an early gauge of inflation pressure building or fading in the supply chain, so a cooling annual rate in Europe’s largest economy supports the wider disinflation picture and eases one input into consumer prices.
Outlook: With Germany’s June consumer price data already published, the next tests are the July consumer price reading and the next wholesale report, which will show whether the consecutive monthly declines continue, alongside the European Central Bank’s policy meeting.
| Measure | June 2026 | Note |
|---|---|---|
| Wholesale prices, twelve months | up 4.9 percent | Eased from 5.9 percent in May |
| Wholesale prices, month on month | down 0.7 percent | Second monthly fall |
Sources: Federal Statistical Office of Germany.
