Energy price inflation rate in the European Union 2019-2024, by commodity
The inflation rates of various energy commodities in the European Union began to decrease in late 2022 after skyrocketing earlier that year. Liquid fuels' inflation rate stood at -8.5 percent in December 2023 after having seen the steepest increase in September 2022 at 79.1 percent. These developments occurred in the wake of Russia's invasion of Ukraine, which has been the cause of uncertainty over Europe's security of gas supply, as well as intense energy price volatility.