Germany’s producer prices rose 3.0% year-on-year in July 2026, marking the fourth consecutive month of gains. The increase accelerated from June’s 1.8% and exceeded market expectations of 2.7%, reaching the fastest pace since April 2023.
The rise was driven primarily by intermediate goods, which climbed 5.4% (up from 5.1% in June), reflecting sharp price increases for metals, precious metals, copper, and semi-finished copper products. Energy prices also strengthened, advancing 3.8% compared with 0.4% in June, supported by higher prices for petroleum products, naphtha, heating oil, motor fuels, and natural gas. These gains were partially offset by declines in electricity prices.
Among other categories, capital goods rose 2.3% and durable consumer goods increased 2.0%, largely due to higher prices for machinery and motor vehicles. In contrast, non-durable consumer goods fell 2.3%. Excluding energy, producer prices were up 2.7% year-on-year.
On a monthly basis, producer prices increased 1.1% in July, rebounding from a 0.3% decline in June. This monthly rise beat market expectations for a 0.7% increase and represented the strongest monthly gain in three months.
