German wholesale prices ease slightly in May due to energy tax reduction

• Wholesale price index -0.6% m/m
• Prior +2.0%
• Wholesale price index +5.9% y/y
• Prior +6.3%

The monthly drop comes with a bit of a caveat as it reflects the reduction in the energy tax rate on petroleum products (-7.3%).

But when compared to the same month a year ago, wholesale prices remain significantly higher still. That is in large part to do with the price increase for petroleum products, which were on average 30.5% higher than in May 2025 (despite the monthly decline).

Besides that, the price in the wholesale trade of non-ferrous ores, metals, and semi-finished metal products were also down 0.4% on the month. But also compared to the same month last year, they were much higher by 36.1%.

As such, the annual estimate still reflects a considerable increase in wholesale prices relative to a year ago. And that is primarily due to the hostilities in the Middle East, which led to a rise in energy products and raw materials in recent months.

This article was written by Justin Low at investinglive.com.