Germany’s wholesale prices rose 1.2% yoy in December 2025, easing from a 1.5% growth in the previous month, which had marked the fastest rate since February. Still, the latest reading extended the uptrend to a 13th straight month. The annual rise was largely driven by a sharp surge in prices for non-ferrous ores, non-ferrous metals, and related semi-finished products, which jumped 34.6%. Meanwhile, costs for food, beverages, and tobacco increased 2.4%, led by sugar, confectionery, and baked goods (12.8%), followed by coffee, tea, cocoa, and spices (7.4%), as well as meat and meat products (5.0%). In contrast, prices declined for cereals, raw tobacco, seeds, and animal feed (-7.3%), along with milk, dairy products, eggs, edible oils, and edible fats (-3.3%). On a monthly basis, wholesale prices fell 0.2%, reversing gains of 0.3% in each of the prior two months, missing forecasts for a 0.2% increase and marking the first monthly decline since August.

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