The sharp rise in energy prices in the second quarter of this year has inevitably revived comparisons with the 2021-22 energy shock. While the ECB notes that the nature of the shock this time around is different to the one back then, there is one particular detail in their latest economic bulletin which arguably stands out more. And that is changes in wholesale gas prices may now feed through into euro area consumer inflation more quickly than in the past. According to its survey of national central banks, wholesale gas price changes are expected to show up in HICP gas inflation within one to three months across more than half of the euro area. Back in 2022, considerably more of that pass-through could take well over a year.
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