In Europe, by contrast, inflation was fuelled mainly by higher energy prices, especially natural gas prices, which soared to unprecedented levels. After hovering around € per megawatt hour in early 2021, gas prices later edged up, accelerating over the summer, and exceeded € on average at the end of the year.
This increase was due to the cuts in gas supplies from Russia, initially on account of the weather conditions, and later mostly as a means of political pressure in connection with the controversial opening of the Nord Stream 2 pipeline.