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Germany's Wholesale Prices Surge 6.8 Percent as Energy Costs Soar
(MENAFN) German wholesale prices jumped 6.8% year-on-year in August, propelled by a sharp rise in energy and raw material costs tied to the ongoing turmoil in the Middle East, the Federal Statistical Office (Destatis) reported Tuesday.
The pace of annual price growth has been accelerating steadily, climbing from 4.9% in June to 5.3% in July before hitting August's figure — the steepest increase recorded since February 2023, when wholesale prices spiked 9.5%.
Destatis pointed to mineral oil products as the primary driver behind the surge, with prices in that category soaring 36.1% compared to August of last year. Non-ferrous ores, metals, and semi-finished metal products also posted steep gains, rising 27.4% year-on-year.
Other categories saw notable, if less dramatic, increases: chemical products climbed 13.6%, while computers and peripheral equipment rose 11.1% over the same period.
Not every sector moved higher, however. Wholesale prices for live animals fell sharply, down 18.3% year-on-year. Destatis also recorded declines of 10.3% for milk, dairy products, eggs, and edible fats, along with a 6.7% drop for meat and meat products.
On a monthly basis, wholesale prices in Germany rose 0.9% in August compared to July.
The pace of annual price growth has been accelerating steadily, climbing from 4.9% in June to 5.3% in July before hitting August's figure — the steepest increase recorded since February 2023, when wholesale prices spiked 9.5%.
Destatis pointed to mineral oil products as the primary driver behind the surge, with prices in that category soaring 36.1% compared to August of last year. Non-ferrous ores, metals, and semi-finished metal products also posted steep gains, rising 27.4% year-on-year.
Other categories saw notable, if less dramatic, increases: chemical products climbed 13.6%, while computers and peripheral equipment rose 11.1% over the same period.
Not every sector moved higher, however. Wholesale prices for live animals fell sharply, down 18.3% year-on-year. Destatis also recorded declines of 10.3% for milk, dairy products, eggs, and edible fats, along with a 6.7% drop for meat and meat products.
On a monthly basis, wholesale prices in Germany rose 0.9% in August compared to July.
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