ECB Bulletin: The uneven journey of wholesale gas and electricity prices to consumer bills
The ECB Bulletin indicates faster wholesale gas pass-through to consumer gas inflation, alongside improved indices, while wholesale gas price transmission to electricity inflation is expected to be less intense.
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The pass-through of changes in wholesale prices to HICP gas inflation has accelerated. Alongside improvements in HICP electricity and gas price indices that better represent consumer costs, these developments suggest that shifts in wholesale gas prices may feed through to HICP gas inflation somewhat more swiftly than in the past, but less intensely for HICP electricity inflation.
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