In October 2022, annual inflation in the euro area reached 10.6 percent, the highest level in the history of the single currency and according to Eurostat, 4.44 percentage points of this figure came from energy alone, whose prices were 41.5 percent higher than a year earlier. Production held up better than the unfavorable estimates circulating in the spring of 2022 about the cost of a complete halt to Russian flows, mainly because cargoes of liquefied natural gas from global markets filled much of the gap. An economy that continues to function while its prices soar is not easily explained if gas is treated simply as a missing quantity.
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