Procurement markets

Stronger wage increases are expected in 2026. Driven by the increase in the minimum wage, an average rate of increase of at least 3 % is assumed across all wage groups in Germany.

Current forecasts for producer prices show a further downtrend, which will help to compensate for wage increases. Prices on the energy market are currently expected to remain stable provided there are no external shocks such as geopolitical events. Brent crude, which is the relevant oil type for Europe, is currently trading in the low USD 60s/bbl for deliveries in 2026. Electricity deliveries for the coming calendar year are in the mid € 80s/MWh range on average. The price of natural gas is around € 30/MWh.

In the general subsegments of construction and transport, we see opposing price trends with opportunities that may, however, cause a market-segment-specific market shortage in the specific circumstances given the challenges of modernizing the rail network. Overall, we therefore expect the trend to be more in line with normal inflation.