Rising natural gas prices could affect eurozone consumer inflation more rapidly than in the past, although their impact on electricity prices may be reduced by the growing contribution of renewable energy, according to a European Central Bank (ECB) Economic Bulletin. European wholesale natural gas prices have increased by more than 140% compared with a year earlier. The conflict involving Iran has constrained global supplies, while low European gas inventories have increased the risk of further price rises. The ECB said changes in European gas markets following Russia's invasion of Ukraine in 2022 have accelerated the transmission of wholesale price movements to household energy bills.
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