Germany’s wholesale prices increased 5.3% from a year earlier in July 2026, accelerating from 4.9% in June and extending the run of annual wholesale inflation to 20 consecutive months. The pickup was driven mainly by higher energy products and raw materials amid ongoing hostilities in the Middle East, with particularly sharp gains in non-ferrous ores, metals and semi-finished products, as well as mineral oil products. Chemical products and information and communication technology equipment also posted notable increases, while prices for live animals, dairy-related goods, edible fats and oils, and meat products declined. On a monthly basis, wholesale prices rose 0.2%, reversing a 0.7% fall in June and marking the first monthly increase in three months, though the gain came in below the 0.4% expected.