German wholesale prices up 8.8%, the fastest rise since 2023
German wholesale prices rose 8.8% from a year earlier in October, driven mostly by oil products, which cost 47.6% more.
Event: November 13, 2026
Primary source: November 13, 2026
Published here: November 13, 2026 at 08:57 AM UTC
Read: 1 min
What happened
Germany's statistics office said wholesale prices rose 8.8% in October from October last year and 0.4% from September. The yearly rise was 8.7% in September and 6.8% in August. Only February 2023 was higher (9.5%).
Why it matters to you
Wholesale prices are what shops and factories pay for goods. Rises there reach consumers over time. High inflation in the euro area's biggest economy makes it harder for the ECB to cut rates, which moves the euro and European stocks.
What to check and watch
Final euro area consumer inflation and the next ECB decision. Watch whether oil product prices start to fall.
Where it’s happening
LIVEDrag to spin. Green dots: the exchange is trading right now (regular hours, holidays not counted). Shadow: where it is night now. Borders: Natural Earth, quakes: USGS. Layer idea: God’s Eye View (MIT).
What happened. Destatis published its wholesale price index for October 2026. Prices rose 8.8% on the year after 8.7% in September and 6.8% in August. On the month they rose 0.4%. The last higher yearly rise was in February 2023, at 9.5%.
What pushes prices. The office links the rise to the conflict around Iran and the Middle East, which made energy more expensive. Oil products cost 47.6% more than a year ago at wholesale. Grain, tobacco, seeds and animal feed rose 21.2%, chemicals 18.6%, non-ferrous metals 13.8%, computers and equipment 13.4%.
What got cheaper. Live animals fell 15.8% on the year, coffee, tea, cocoa and spices 8.4%, and milk, dairy, eggs and edible oils 7.1%.
What it means. Wholesale prices sit between producers and shops. If they keep rising, shops usually raise prices too. That is our view, Destatis gives no forecast.
Confirmed facts
- German wholesale prices rose 8.8% in October 2026 from October 2025 and 0.4% from September.[1][2]
- The yearly rise was 8.7% in September and 6.8% in August.[1]
- The last higher rise was in February 2023: 9.5%.[1]
- Destatis links the rise to the conflict around Iran and the Middle East and higher energy prices.[1]
- Oil products rose 47.6% on the year and 0.9% on the month.[1]
- Grain, unmanufactured tobacco, seeds and animal feed rose 21.2%, chemicals 18.6%, non-ferrous metals 13.8%, computers and peripherals 13.4%.[1]
- Live animals fell 15.8%, coffee, tea, cocoa and spices 8.4%, milk, dairy, eggs and edible oils 7.1%.[1]
Implications
- ConfirmedThe yearly wholesale price rise has sped up for a third month in a row.
- Our readingWholesale increases may reach German shop prices over time.
- Our readingHigh German inflation makes ECB rate cuts harder.
Still unknown
- How fast wholesale increases reach consumers.
- What oil and gas prices do in November.
Who it affects
Germany, Europe. People who follow the euro, European stocks and the ECB rate
Sources
- Destatis: Wholesale prices in October 2026: +8.8% on October 2025 November 13, 2026 · official
- Investing.com: German wholesale prices climb 8.8% in October November 13, 2026 · media
Cover: Freekonomist graphic, a symbolic image, not a photo of the event. This is a news explainer, not financial advice.
More stories
MSCI kicks Strategy out of its indexes. Saylor says it doesn't matter. We did the maths
On November 30 Strategy leaves MSCI USA, World and ACWI. Funds will have to sell about $1.5B of stock, which is small. The real problem is elsewhere: the stock's premium to its bitcoin has almost gone, and Saylor's flywheel is slowing. The numbers, plus Arut's video.
US producer prices rise 6.5% in a year, the most since 2022
US producer prices rose 0.3% in October and 6.5% from a year earlier, the fastest pace since November 2022.
IEA: oil supply tops demand for the first time since the war began
The International Energy Agency says oil supply has overtaken demand for the first time since the war in Iran began, and stocks rose by 52 million barrels in October.
Morning brief by email
The night's key moves and what matters today, in 2 minutes. One-click unsubscribe.
BloFin
3M
7M
40M
60M
80M
250M