Soaring oil prices from the Iran war pushed inflation higher in Europe in April as growth continued to underperform in a worrying combination both for consumers and policymakers at the European Central Bank.
Annual inflation in the 21 countries that use the shared euro currency rose to 3.0% from 2.6% in March, fueled by a 10.9% increase in energy prices, the European Union statistical agency Eurostat reported Thursday. Crude oil is trading above $120 per barrel, up from around $73 before the outbreak of the war on Feb. 28.
