Europe faces renewed inflation pressure as soaring wholesale gas prices transmit to consumer bills much faster, prompting urgent warnings from the ECB Recent findings from the European Central Bank (ECB) highlight a growing economic challenge for the eurozone as wholesale natural gas price spikes are feeding into consumer inflation much faster than they used to. In over half of eurozone countries, wholesale natural gas price shifts now translate into consumer gas inflation within 1 to 3 months. Gas markets have been increasingly liberalized in Europe since Russia's war on Ukraine in 2022 curtailed supply.
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