German Wholesale Prices Rise 8.8% in October as Energy Surge Continues
Key Facts
German wholesale selling prices rose 8.8% year on year in October 2026, according to data from the Federal Statistical Office (Destatis), accelerating again as energy-related and goods-input pressures persisted. The office said the October increase continued to be attributed to the conflict in Iran and the Middle East, which pushed up wholesale prices, particularly for energy-related products. The annual reading was above 8.7% in September and 6.8% in August. By contrast, the monthly increase was more modest, with prices rising 0.4% from September. Prices therefore continued to post a strong annual increase, with a clear difference between the year-on-year rate and month-to-month movement.
Destatis said the last annual increase higher than October’s reading was recorded in February 2023, when wholesale prices rose 9.5% from the same month a year earlier. That puts October’s rate at its strongest pace since then, after rising successively from 6.8% in August to 8.7% in September and 8.8% in October. The monthly increase of 0.4% indicates that prices continued to rise between September and October at a slower pace than the annual comparison rate. The office linked the continued annual increase to the conflict in Iran and the Middle East, with the impact of energy evident in the details by product category. The price data show variation among products rather than a uniform increase across all wholesale trade groups.
Petroleum products were the leading source of pressure on the index, with prices rising 47.6% year on year in October; Destatis said they were the main reason for the overall increase in wholesale prices. Large increases extended to other goods and inputs, with prices for cereals, raw tobacco, seeds and animal feed rising 21.2% from October last year. Prices for chemical products increased 18.6%, while those for non-ferrous ores and metals and semi-finished metal products rose 13.8%. Prices for data-processing equipment and peripheral devices increased 13.4% year on year. These figures show that increases spread from energy to some agricultural goods and industrial materials, while petroleum products recorded the largest rise among the categories cited.
By contrast, prices in some wholesale groups fell compared with October last year. Live animal prices declined 15.8%, while prices for coffee, tea, cocoa and spices dropped 8.4%. Prices for milk, dairy products, eggs, edible oils and fats also fell 7.1%. These declines put some animal-based and food products on a different trajectory from the increases recorded in oil, cereals and industrial materials. The overall annual reading remained high despite this divergence among product groups, with wholesale prices as a whole up 8.8% in October.
The wholesale reading comes as German consumer price inflation stood at 2.8% year on year in October, down from 3.3% in September and 2.9% in August, according to Destatis. Office President Ruth Brand said October’s inflation rate remained “slightly below 3%” and that energy prices continued to be its main driver. She added that the fuel discount introduced at the start of October may have dampened inflation to some extent. On a monthly basis, overall consumer prices fell 0.2% in October from September. The German central bank is due to release the final figures for October’s harmonised consumer price index on November 18.