2025年8月，德国批发价格同比上涨0.7%，高于上月0.5%的涨幅，标志着连续第九个月上涨。食品、饮料和烟草价格上涨4.2%，其中咖啡、茶、可可和香料（17.7%）、糖和烘焙产品（14.5%）、肉类和肉制品（9.4%）、活体动物（8.9%）以及牛奶、乳制品、鸡蛋和油（7.4%）大幅上涨。有色金属矿石和金属的价格也飙升了21.1%。相比之下，固体燃料和矿物油产品（-6.9%）、废物和废料（-10.4%）、计算机和相关设备（-4.9%）以及铁、钢和黑色半成品（-4.6%）的产量显著下降。按月计算，批发价格下跌0.6%，远高于7月份0.1%的跌幅，超出了0.2%的涨幅预期，并显示出一年来最强劲的跌幅。

Wholesale prices in Germany rose 0.7% year-on-year in August 2025, accelerating from a 0.5% gain in the previous month and marking the ninth consecutive monthly increase. Food, beverages, and tobacco prices climbed 4.2%, led by sharp rises in coffee, tea, cocoa, and spices (17.7%), sugar and bakery products (14.5%), meat and meat products (9.4%), live animals (8.9%), and milk, milk products, eggs, and oils (7.4%). Prices for non-ferrous ores and metals also surged 21.1%. In contrast, notable declines were seen in solid fuels and mineral oil products (-6.9%), waste and scrap (-10.4%), computers and related equipment (-4.9%), and iron, steel, and ferrous semi-finished products (-4.6%). On a monthly basis, wholesale prices shrank 0.6%, far steeper than a 0.1% fall in July, defying expectations for a 0.2% rise and pointing to the strongest decline in a year.

周五，法兰克福DAX指数小幅下跌，收于23630点左右，因为在惠誉对法国主权评级进行审查之前，欧洲市场普遍持谨慎态度，投资者对可能的降级持谨慎态度。与此同时，对美联储即将降息的乐观情绪缓和了市场情绪。与此同时，欧洲央行表示将结束降息阶段，拉加德总统评论称，该行处于“良好状态”，增长风险现在更加平衡。在企业方面，汽车股、银行和制药公司的压力最大。保时捷汽车控股公司、大众汽车、梅赛德斯-奔驰集团和宝马股价下跌1.6%至2.1%。其他跌幅最大的公司包括德国商业银行（-2%）、拜耳（-0.9%）和西门子能源（-1.5%），而汉诺威Ruck（+2.3%）和慕尼黑Ruck（+1.3%）等再保险公司在该指数中名列前茅。本周，DAX指数可能上涨0.2%。

The DAX in Frankfurt turned slightly negative to trade around 23,630 on Friday, as caution spread across European markets ahead of Fitch’s review of France’s sovereign rating, with investors wary of a possible downgrade. Meanwhile, market sentiment was tempered by optimism around an imminent interest rate cut by the US Federal Reserve. The ECB, meanwhile, signaled an end to its rate-cutting phase, with President Lagarde commenting that the bank is in a “good place” and that growth risks are now more balanced. On the corporate front, auto stocks, banks and pharmaceutical companies were the most pressured. Porsche Automobil Holding, Volkswagen, Mercedes-Benz Group and BMW shed between 1.6% and 2.1%. Other top losers included Commerzbank (-2%), Bayer (-0.9%) and Siemens Energy (-1.5%), while reinsurance companies such as Hannover Ruck (+2.3%) and Munchener Ruck (+1.3%) topped the index. For the week, the DAX likely rose by 0.2%.

法兰克福DAX指数周五小幅上涨，突破23700点大关，反映出对美联储即将降息的谨慎乐观态度。与此同时，欧洲央行表示将结束降息阶段，拉加德总统评论称，该行处于“良好状态”，增长风险现在更加平衡。在其他地方，投资者继续关注美国的关税，特朗普总统向七国集团施压，要求对购买俄罗斯石油的国家征收关税，如印度和中国。在企业方面，Hannover Ruck和Munchener Ruck等再保险公司领涨，分别上涨2.6%和1.5%。相比之下，汽车股和制药公司则面临压力。本周，该指数预计将上涨约0.7%。

The DAX in Frankfurt edged higher to surpass the 23,700 mark on Friday, reflecting cautious optimism around an imminent interest rate cut by the US Federal Reserve. The ECB, meanwhile, signaled an end to its rate-cutting phase, with President Lagarde commenting that the bank is in a “good place” and that growth risks are now more balanced. Elsewhere, investors continue to watch US tariffs, with President Trump pressuring the G7 to impose tariffs on countries that purchase Russian oil, such as India and China. On the corporate front, reinsurance companies such as Hannover Ruck and Munchener Ruck led the gains, rising 2.6% and 1.5%, respectively. By contrast, auto stocks and pharmaceutical companies saw pressure. For the week, the index was set to rise about 0.7%.

德国的年度消费者价格通胀率从7月份的2%上升到2025年8月的五个月高点2.2%，证实了最初的估计。这一增长主要是由于食品价格上涨（2.5%对7月份的2.2%），特别是水果（+7.1%）、糖、果酱、蜂蜜和其他糖果（+6.9%）、乳制品和鸡蛋（+3.2%）以及肉类产品（+2.9%）。与此同时，由于汽车燃料（-2.5%）和家庭能源（-2.3%）价格下降，能源成本下降放缓（-2.4%对-3.4%）。与此同时，服务业通胀稳定在3.1%，价格上涨主要体现在综合客运服务（+11.1%）和社会设施服务（+8.1%）。不包括食品和能源的核心通胀率连续第三个月保持在2.7%。在7月份上涨0.3%之后，8月份消费者价格指数小幅上涨0.1%。

Germany’s annual consumer price inflation rose to a five-month high of 2.2% in August 2025 from 2% in July, confirming initial estimates. The increase was primarily driven by higher food prices (2.5% vs 2.2% in July), particularly fruit (+7.1%), sugar, jam, honey and other confectionery (+6.9%), dairy products and eggs (+3.2%) and meat products (+2.9%). At the same time, the decline in energy costs slowed (-2.4% vs -3.4%), amid decreases in prices of motor fuels (-2.5%) and household energy (-2.3%). Meanwhile, services inflation was steady at 3.1%, with price increases mainly observed in combined passenger transport services (+11.1%) and services of social facilities (+8.1%). Core inflation, which excludes food and energy, remained at 2.7% for the third month in a row. On a monthly basis, consumer prices edged up 0.1% in August, following a 0.3% rise in July.