Inflation figures from the Federal Statistics Office in Germany starkly reflect the effect of the closure of the Strait of Hormuz. In April, energy prices shot up by 10.1%, due to the rapid rise in crude oil prices. Fuel prices rose by more than a quarter (26.2%), and light heating oil prices by more than half (55.1%). This is largely due to complications related to the Strait of Hormuz closure, with the main price-driving activity on the side of market speculators.
Food prices rose slightly in April: Sugar, jam, honey, and other confectionery items were noticeably more expensive (+6.6%), including chocolate, which rose by 9.7%. Meat and fruit also became more expensive (both up 3.6%).
Services became 2.8% more expensive in April compared with the same month last year. Prices rose for vehicle maintenance and repair (up 5.0%), restaurant visits (up 3.2%), and net rent, excluding utilities (up 1.8%). Figures are from the Federal statistics office.
