German wholesale prices hit 3-year high on Iran war impact

German wholesale prices reached a three-year high, rising 6.3% in April due to a 37.3% increase in petroleum costs following the closure of the Strait of Hormuz. This surge is contributing to an inflation rate of 2.9% in Germany, which may exceed 3% in May as companies pass on higher energy costs to consumers. The ongoing Iran war is causing trade and transport disruptions, leading to increased costs globally and renewed cost-of-living pressures in Europe.