Wholesale prices in the United States rose sharply in April, pushed by a surge in energy costs related to the Iran war, registering their highest 12-month increase in more than three years. The wholesale prices came a day after US consumer inflation also came in at a three-year high, registering at 3.8 percent year-on-year in April.

China has cushioned the worst of the energy shock through its strategic oil stockpiles and a diversified mix of renewable energy sources.

Higher inflation has persisted as rising prices pressure consumers.