Germany’s wholesale inflation reaches 8.7 per cent as petroleum prices surge
Germany’s wholesale selling prices rose 8.7 per cent annually in September, accelerating from 6.8 per cent in August. Petroleum product prices were the main contributor, with a 48.8 per cent annual increase. Metals and chemical products also became more expensive, while several agricultural and food categories remained cheaper than a year earlier despite monthly increases.
Economics & Markets··Midday
September prices rise at a faster annual pace
Germany’s wholesale selling prices increased 8.7 per cent annually in September and 1.9 per cent from August. The annual rate accelerated from 6.8 per cent in the preceding month.[1], [2]
Destatis, Germany’s federal statistics office, published the index on 14 October. July’s annual rise had been 5.3 per cent. A higher increase than September’s was last recorded in February 2023, at 9.5 per cent. The office attributed higher energy and intermediate-goods prices to conflict in Iran and the Middle East. The Destatis index measures selling prices at the wholesale stage, using a goods basket and weights based on 2021.[1]
Petroleum products lead the increase
Petroleum products were the largest contributor to the annual index increase. Their prices rose 48.8 per cent annually and 10.5 per cent monthly. Non-ferrous ores, metals and semi-finished metal products became 24.9 per cent more expensive annually, with a 2.1 per cent monthly rise. Chemical-product prices increased 16.4 per cent over a year and 1.7 per cent from August.[1]
Several food categories remain cheaper annually
Live animal prices fell 15.1 per cent from a year earlier while rising 5.0 per cent monthly. Milk, dairy products, eggs, edible fats and oils together declined 9.7 per cent annually and rose 0.6 per cent monthly. Meat and meat products were 6.0 per cent cheaper annually but 1.4 per cent more expensive than in August. The annual and monthly movements compare different periods within those categories.[1]
