Germany's wholesale prices rose 5.9% year-on-year in May 2026, slowing from a 6.3% increase in April, which had been the strongest annual gain since February 2023. Despite this moderation, wholesale inflation continued its upward trajectory for the 18th consecutive month, largely driven by the impact of conflicts in the Middle East on commodity markets.
Prices climbed sharply for petroleum products (30.5%) and for non-ferrous ores, metals, and related semi-finished products (36.1%). Notable increases also occurred in chemical products (13.3%), flowers and plants (8.5%), and iron, steel, and semi-finished products (6.7%).
By contrast, prices declined for coffee, tea, cocoa, and spices (-10.7%), for live animals (-10.1%), and for milk, dairy products, eggs, edible oils, and fats (-8.1%).
On a monthly basis, wholesale prices fell 0.6% in May, reversing April’s 2.0% increase and marking the first month-on-month decline since December. This outcome contrasted with market expectations for a 0.8% rise.
