Iran war pushes German wholesale price inflation to a three-year high
German wholesale prices climbed 6.3% year on year in April, the highest level since May 2023. The Federal Statistical Office said the rise was driven mainly by Iran-war-related energy and input costs.
Data from the Federal Statistical Office showed German wholesale prices climbed 6.3% year on year in April, the steepest monthly annual increase since May 2023.
The rise was led by petroleum products, mineral oils and metals. Shipping disruption in the Strait of Hormuz keeps pushing crude prices higher. In addition, electronic components and machinery spare parts also posted double-digit yearly increases.
The German economy recorded zero growth in March. Economists expect the Bundesbank to repeat its inflation-risk warning in its mid-year monetary review. The European Central Bank's rate-cut schedule for the coming year may also be influenced by these readings.
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