German wholesale prices rose 1.9% in September against a 0.6% forecast, taking the annual rate to 8.7%, the largest increase since February 2023. Energy costs are spreading into metals, grain and chemicals, and Lagarde says the ECB cannot wait for second-round effects.
Energy, not core, pushed German CPI above 3% for the first time in 2026, with heating oil nearly 75% dearer than a year earlier. Source
Destatis, Germany's federal statistics office, reported Wednesday that wholesale prices rose 1.9% on the month in September, against a 0.6% consensus. The annual rate climbed to 8.7% from 6.8% in August and 5.3% in July, the largest increase since February 2023. Destatis blamed the conflict in Iran and the Middle East, which is feeding through energy and intermediate goods such as metals. Consumer inflation lags. Wholesale is where you see what is still coming.
