German wholesale prices soar by 6.8% in August, fastest since 2023

Wholesale prices in Germany rose in August at their fastest rate in three and a half years, the Federal Statistical Office said.

Compared with the same month last year, prices were up 6.8%, the highest year-on-year increase since the 9.5% seen in February 2023.

"The main factor behind the price rise in August 2026 was still the hostilities in Iran and the Middle East, which led to an increase in wholesale prices for energy products and raw materials in particular," the Wiesbaden-based agency explained. 

Petroleum products, for example, were more than a third (36.1%) more expensive than a year earlier, according to the office's calculations. Month-on-month, wholesale prices rose by 0.9%.

Wholesale is one of several stages in the economy that determine the general price level. 

In addition to wholesale, these include the prices of goods imported into Germany and the prices manufacturers receive for their products. They all influence consumer prices, on which the European Central Bank (ECB) bases its monetary policy.