German Wholesale Prices Rise 8.7%, Fastest Annual Increase Since Early 2023

Germany’s wholesale selling prices rose 8.7% in September from a year earlier, the fastest annual increase since February 2023, as higher costs for mineral oil products and metals continued to lift prices across important parts of the goods trade.

The Federal Statistical Office (Destatis) reported Wednesday that wholesale prices also increased 1.9% from August. The annual rate has risen in each of the past two months, from 5.3% in July to 6.8% in August and 8.7% in September. The latest reading was still below the 9.5% annual increase recorded in February 2023, the last month with a higher rate.

In its September wholesale-price release, Destatis linked the increase to the conflict in Iran and the wider Middle East, which it said had driven up prices for energy and intermediate goods, including metals. The figures measure selling prices at the wholesale stage, rather than prices paid directly by households.

Mineral Oil Products Drive the Largest Increase

Mineral oil products were the principal source of the year-over-year rise, according to Destatis. Wholesale prices in that category were 48.8% above September 2025 levels and climbed 10.5% in a single month. Both comparisons help explain why the broader index accelerated: energy-related price increases were not confined to a distant annual comparison but continued between August and September.

The 48.8% figure applies specifically to wholesale mineral oil products. It does not mean all wholesale goods rose by that amount, nor does it measure the price increase that motorists experienced at service stations. The overall 8.7% rate reflects the mix of goods covered by Germany’s wholesale price index and the different weights assigned to them.

Metals were another important contributor. Wholesale prices for non-ferrous ores, non-ferrous metals and semi-finished products increased 24.9% from a year earlier and 2.1% from August. These materials are relevant to industrial supply chains, where changes in the cost of traded inputs can affect purchasing decisions even before any effect appears in finished-goods prices.

Price gains extended beyond oil and metals. The category covering grain, unmanufactured tobacco, seeds and animal feeds was 19.3% more expensive than in September 2025, with a 6.5% increase from August. Chemical products rose 16.4% year over year and 1.7% month over month. Computers and peripheral equipment recorded increases of 12.1% and 0.8%, respectively.

Those figures describe different wholesale categories, not equal contributions to the headline index. Destatis identifies mineral oil products as the main driver and metals as another important influence; a large percentage rise in a narrower product group does not necessarily outweigh a smaller move in a more heavily weighted one. The index uses a basket of goods and weights based on 2021.

Some Food and Livestock Categories Remain Cheaper

The September figures were not a uniform increase across the wholesale market. Prices for live animals fell 15.1% compared with the same month last year. Wholesale prices for milk, dairy products, eggs, edible fats and oils were down 9.7%, while meat and meat products cost 6.0% less than in September 2025.

All three of those categories nevertheless became more expensive from August to September. Live-animal prices gained 5.0% on the month, the milk-and-related-products group rose 0.6%, and meat and meat products increased 1.4%. A product group can therefore remain cheaper than a year earlier even as its most recent monthly movement turns positive.

The differences matter when assessing the breadth of the inflation pressure. The strongest increases were concentrated in energy and several industrial or agricultural-input groups, while parts of the food supply chain still showed annual declines. The published category changes do not establish how much individual retailers or producers absorbed in costs, or how quickly changes at the wholesale level will reach final buyers.

September’s 1.9% month-over-month advance in the overall wholesale index was also stronger than the 0.9% monthly rise reported for August. The acceleration on this shorter comparison reinforces the year-over-year figures, although the two measures answer different questions: one tracks the change since the preceding month, and the other compares prices with the same period in 2025.

Higher Wholesale Costs Coincide With Rising Consumer Inflation

Germany’s latest consumer-price figures show that inflation has also picked up at the household level, though by less than the wholesale measure. In a separate release Tuesday, Destatis confirmed annual consumer inflation of 3.3% in September, up from 2.9% in August and 2.8% in July. Consumer prices rose 0.6% between August and September.

Energy was a major reason for that increase as well. Consumer energy prices were 14.9% higher than a year earlier. Motor fuel prices rose 37.1%, while heating oil was 74.9% more expensive. These retail-facing figures are not directly interchangeable with the wholesale increase for mineral oil products: each series covers its own products, pricing stage and weighting.

Not every household energy bill moved in the same direction. Destatis reported that electricity prices were 5.5% lower than in September 2025, natural gas excluding operating costs was down 2.8%, and district heating fell 1.0%. Consumer food inflation was only 0.4% over the year, providing another contrast with the particularly sharp increases in selected wholesale goods.

The consumer inflation rate excluding food and energy held at 2.4% for a third consecutive month. That steadier core reading points to a different pattern from the rapid increase in the overall wholesale index. It does not remove the pressure from fuel and heating costs, but it helps distinguish the energy-led rise in headline inflation from price changes across the rest of the consumer basket.

Other official price data show pressure earlier in the trading chain. Destatis reported that German import prices in August were 8.3% above their level a year earlier, the largest annual increase since December 2022. Prices for imported non-ferrous metals and semi-finished products were up 29.1%. Those are August import figures, not another September wholesale reading, but they provide context for the higher costs visible in the subsequent wholesale release.

Wholesale and consumer inflation need not move together or at the same pace. Businesses may face different input costs, contracts and pricing conditions, and the indices represent different baskets. September’s data establish an acceleration in German wholesale prices and a simultaneous rise in consumer inflation; they do not quantify how much of the wholesale increase will eventually be passed on to households.

One policy change will only appear in later consumer-price readings. Destatis said the renewed cut in energy taxes, particularly on motor fuels, took effect on October 1 and was therefore not reflected in September’s consumer inflation figures.