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Natural gas overtakes oil as key inflation threat to Europe
The price of natural gas has surpassed oil to become the main source of concern regarding inflation risks in Europe, as rising costs are expected to accelerate monetary tightening and increase interest rates. European gas prices have risen close to their highest levels in five months, with winter contract prices doubling and yields on ten-year German and British bonds reaching record levels. Gas accounts for approximately 21% of the energy mix in the European Union and 35% in the United Kingdom, adding pressure on central banks to raise interest rates more quickly than previously anticipated, amid gas stockpiles reaching their lowest levels in years due to geopolitical tensions and rising temperatures.
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