The Iran oil shock: what the Hormuz crisis costs the world
Since the US and Israeli strikes of 28 February 2026, the war in Iran has disrupted the Strait of Hormuz, through which a large share of the oil and gas exported from the Gulf passes. Crude and gas prices, energy bills, inflation: what the official series show month by month.
Citoyen
Scope: World. World Bank monthly commodity prices (monthly averages, current dollars), year-on-year consumer price inflation (EU, United States, Japan, G20 countries). Starting point: February 2026, the last month before the war.
Key points
Brent barrel, monthly average$125.0/barrelOct. 2026, against $71.1/barrel in Feb. 2026
Rise in Brent since February76%from Feb. 2026 to Oct. 2026
Rise in European gas154%$28.5/MMBtu in Oct. 2026
EU energy prices, over a year17.6%consumer price inflation, Sep. 2026
- Brent above its 2022 peak. The North Sea barrel averages $125.0/barrel in Oct. 2026, 76% more than in Feb. 2026 ($71.1/barrel). That is above the Jun. 2022 peak ($120.1/barrel), but below the Jul. 2008 one ($133.9/barrel), in current dollars.
- European and Asian gas gets dearer, US gas does not. Gas in Europe goes from $11.2/MMBtu to $28.5/MMBtu, liquefied natural gas delivered to Japan from $11.3/MMBtu to $16.6/MMBtu. In the United States, an exporter, the price stays low: $3.0/MMBtu in Oct. 2026.
- Fuels drive energy prices. In the European Union, prices of liquid fuels rise 33.1% over a year in Sep. 2026, those of electricity and gas 6.2%. Energy as a whole rises 17.6%, against −2.2% in Feb. 2026.
- Sharp differences between countries. Energy prices rise 20.4% over a year in the United States in Sep. 2026, while they change by −0.3% in Japan, where they were falling clearly before the war (−9.0% in Feb. 2026).
- Headline inflation picks up, without returning to 2022. In the EU, price growth reaches 3.8% in Sep. 2026 (2.1% in Feb. 2026); in the United States, 3.7%; in India, 5.6%. In China it stays low: 0.7% in Oct. 2026.
How to read these figures
Oil and gas prices are the monthly averages published by the World Bank (« Pink Sheet »), in current dollars, not adjusted for inflation: a peak in 2026 dollars is not worth a peak in 2008 dollars. Brent is the European benchmark, Dubai that of Gulf crude sold to Asia, WTI the US benchmark. Gas is in dollars per million BTU (MMBtu, a unit of energy): wholesale price in the Netherlands (TTF) for Europe, price of liquefied natural gas imported into Japan, Henry Hub spot price in the United States.
The other charts show year-on-year consumer price inflation: the change against the same month a year earlier. For the EU, Eurostat’s harmonised index (new ECOICOP 2 classification since 2026); for the United States, the Bureau of Labor Statistics urban consumer price index; for Japan, the Statistics Bureau index. Retail prices react with a lag and depend on taxes and public support: they do not follow the price of crude one for one.
1. Oil
The three crude benchmarks jumped in March 2026, the first full month of the war. Brent, the European benchmark, moves clearly away from Dubai and WTI.
Crude oil prices, monthly average
Current dollars per barrel. Latest month: Oct. 2026. WTI peak over the period: $99.1/barrel in May 2026.
- WTI
- Dubai
- Brent
Source:World Bank
Show the chart data
| Period | Brent | Dubai | WTI |
|---|---|---|---|
| Jan. 2019 | $59.3/barrel | $59.0/barrel | $51.5/barrel |
| Feb. 2019 | $64.1/barrel | $64.3/barrel | $55.0/barrel |
| Mar. 2019 | $66.4/barrel | $66.8/barrel | $58.2/barrel |
| Apr. 2019 | $71.2/barrel | $70.7/barrel | $63.9/barrel |
| May 2019 | $70.5/barrel | $69.1/barrel | $60.8/barrel |
| Jun. 2019 | $63.3/barrel | $61.3/barrel | $54.7/barrel |
| Jul. 2019 | $64.0/barrel | $62.9/barrel | $57.5/barrel |
| Aug. 2019 | $59.3/barrel | $58.9/barrel | $54.8/barrel |
| Sep. 2019 | $62.3/barrel | $60.8/barrel | $57.0/barrel |
| Oct. 2019 | $59.4/barrel | $58.5/barrel | $54.0/barrel |
| Nov. 2019 | $62.7/barrel | $61.4/barrel | $57.1/barrel |
| Dec. 2019 | $65.9/barrel | $64.4/barrel | $59.8/barrel |
| Jan. 2020 | $63.6/barrel | $63.8/barrel | $57.5/barrel |
| Feb. 2020 | $55.0/barrel | $54.5/barrel | $50.5/barrel |
| Mar. 2020 | $33.0/barrel | $33.8/barrel | $29.9/barrel |
| Apr. 2020 | $23.3/barrel | $23.3/barrel | $16.5/barrel |
| May 2020 | $31.0/barrel | $31.6/barrel | $28.6/barrel |
| Jun. 2020 | $39.9/barrel | $40.1/barrel | $38.3/barrel |
| Jul. 2020 | $42.8/barrel | $42.6/barrel | $40.8/barrel |
| Aug. 2020 | $44.3/barrel | $43.7/barrel | $42.4/barrel |
| Sep. 2020 | $41.1/barrel | $41.1/barrel | $39.6/barrel |
| Oct. 2020 | $40.5/barrel | $39.7/barrel | $39.5/barrel |
| Nov. 2020 | $43.2/barrel | $42.6/barrel | $41.1/barrel |
| Dec. 2020 | $49.9/barrel | $49.3/barrel | $47.1/barrel |
| Jan. 2021 | $54.6/barrel | $54.2/barrel | $52.1/barrel |
| Feb. 2021 | $62.0/barrel | $60.4/barrel | $59.1/barrel |
| Mar. 2021 | $65.2/barrel | $64.0/barrel | $62.4/barrel |
| Apr. 2021 | $64.8/barrel | $62.4/barrel | $61.7/barrel |
| May 2021 | $68.0/barrel | $66.0/barrel | $65.2/barrel |
| Jun. 2021 | $73.1/barrel | $71.0/barrel | $71.4/barrel |
| Jul. 2021 | $74.4/barrel | $73.0/barrel | $72.5/barrel |
| Aug. 2021 | $70.0/barrel | $68.9/barrel | $67.7/barrel |
| Sep. 2021 | $74.6/barrel | $72.2/barrel | $71.6/barrel |
| Oct. 2021 | $83.7/barrel | $81.2/barrel | $81.3/barrel |
| Nov. 2021 | $80.8/barrel | $79.8/barrel | $79.2/barrel |
| Dec. 2021 | $74.3/barrel | $72.8/barrel | $71.5/barrel |
| Jan. 2022 | $85.5/barrel | $83.1/barrel | $83.1/barrel |
| Feb. 2022 | $95.8/barrel | $93.1/barrel | $91.7/barrel |
| Mar. 2022 | $115.6/barrel | $113.1/barrel | $108.5/barrel |
| Apr. 2022 | $105.8/barrel | $102.7/barrel | $101.8/barrel |
| May 2022 | $112.4/barrel | $108.3/barrel | $109.6/barrel |
| Jun. 2022 | $120.1/barrel | $115.7/barrel | $114.6/barrel |
| Jul. 2022 | $108.9/barrel | $106.5/barrel | $99.9/barrel |
| Aug. 2022 | $98.6/barrel | $97.8/barrel | $91.6/barrel |
| Sep. 2022 | $90.2/barrel | $90.6/barrel | $83.9/barrel |
| Oct. 2022 | $93.1/barrel | $90.6/barrel | $87.3/barrel |
| Nov. 2022 | $91.1/barrel | $86.3/barrel | $84.8/barrel |
| Dec. 2022 | $80.9/barrel | $76.8/barrel | $76.5/barrel |
| Jan. 2023 | $83.1/barrel | $80.0/barrel | $78.1/barrel |
| Feb. 2023 | $82.7/barrel | $81.2/barrel | $76.8/barrel |
| Mar. 2023 | $78.5/barrel | $77.5/barrel | $73.4/barrel |
| Apr. 2023 | $84.1/barrel | $83.8/barrel | $79.4/barrel |
| May 2023 | $75.7/barrel | $75.1/barrel | $71.6/barrel |
| Jun. 2023 | $74.9/barrel | $74.7/barrel | $70.2/barrel |
| Jul. 2023 | $80.1/barrel | $80.5/barrel | $76.4/barrel |
| Aug. 2023 | $86.2/barrel | $86.6/barrel | $81.4/barrel |
| Sep. 2023 | $94.0/barrel | $93.1/barrel | $89.6/barrel |
| Oct. 2023 | $91.1/barrel | $90.6/barrel | $85.6/barrel |
| Nov. 2023 | $83.2/barrel | $83.5/barrel | $77.4/barrel |
| Dec. 2023 | $77.9/barrel | $77.2/barrel | $72.1/barrel |
| Jan. 2024 | $80.2/barrel | $78.9/barrel | $73.9/barrel |
| Feb. 2024 | $83.8/barrel | $81.2/barrel | $76.7/barrel |
| Mar. 2024 | $85.4/barrel | $84.7/barrel | $80.5/barrel |
| Apr. 2024 | $90.1/barrel | $89.4/barrel | $84.6/barrel |
| May 2024 | $82.0/barrel | $83.5/barrel | $78.8/barrel |
| Jun. 2024 | $82.6/barrel | $82.2/barrel | $78.9/barrel |
| Jul. 2024 | $85.3/barrel | $83.9/barrel | $80.5/barrel |
| Aug. 2024 | $80.9/barrel | $78.0/barrel | $75.6/barrel |
| Sep. 2024 | $74.3/barrel | $73.4/barrel | $69.6/barrel |
| Oct. 2024 | $75.7/barrel | $74.7/barrel | $71.6/barrel |
| Nov. 2024 | $74.4/barrel | $72.8/barrel | $69.7/barrel |
| Dec. 2024 | $73.8/barrel | $73.3/barrel | $69.8/barrel |
| Jan. 2025 | $79.2/barrel | $80.1/barrel | $75.1/barrel |
| Feb. 2025 | $75.2/barrel | $75.0/barrel | $71.3/barrel |
| Mar. 2025 | $72.6/barrel | $71.7/barrel | $67.8/barrel |
| Apr. 2025 | $67.7/barrel | $66.9/barrel | $63.1/barrel |
| May 2025 | $64.2/barrel | $63.0/barrel | $61.0/barrel |
| Jun. 2025 | $71.5/barrel | $68.5/barrel | $67.5/barrel |
| Jul. 2025 | $71.0/barrel | $69.2/barrel | $67.4/barrel |
| Aug. 2025 | $68.2/barrel | $67.9/barrel | $64.1/barrel |
| Sep. 2025 | $68.0/barrel | $67.8/barrel | $63.7/barrel |
| Oct. 2025 | $64.7/barrel | $64.3/barrel | $60.2/barrel |
| Nov. 2025 | $63.6/barrel | $63.8/barrel | $59.6/barrel |
| Dec. 2025 | $62.7/barrel | $62.0/barrel | $57.9/barrel |
| Jan. 2026 | $66.8/barrel | $63.9/barrel | $60.3/barrel |
| Feb. 2026 | $71.1/barrel | $68.4/barrel | $64.6/barrel |
| Mar. 2026 | $103.7/barrel | $91.9/barrel | $91.2/barrel |
| Apr. 2026 | $120.4/barrel | $92.7/barrel | $98.6/barrel |
| May 2026 | $107.5/barrel | $94.7/barrel | $99.1/barrel |
| Jun. 2026 | $85.4/barrel | $77.7/barrel | $81.9/barrel |
| Jul. 2026 | $83.4/barrel | $76.7/barrel | $79.4/barrel |
| Aug. 2026 | $90.9/barrel | $79.7/barrel | $82.7/barrel |
| Sep. 2026 | $116.8/barrel | $93.3/barrel | $96.9/barrel |
| Oct. 2026 | $125.0/barrel | $102.7/barrel | $97.7/barrel |
Brent since 2000
Current dollars, not adjusted for inflation. Peaks: $133.9/barrel in Jul. 2008, $120.1/barrel in Jun. 2022.
Source:World Bank
Show the chart data
| Period | Brent |
|---|---|
| Jan. 2000 | $25.4/barrel |
| Feb. 2000 | $27.7/barrel |
| Mar. 2000 | $27.5/barrel |
| Apr. 2000 | $22.5/barrel |
| May 2000 | $27.3/barrel |
| Jun. 2000 | $29.7/barrel |
| Jul. 2000 | $28.5/barrel |
| Aug. 2000 | $29.4/barrel |
| Sep. 2000 | $32.6/barrel |
| Oct. 2000 | $30.9/barrel |
| Nov. 2000 | $32.5/barrel |
| Dec. 2000 | $25.1/barrel |
| Jan. 2001 | $25.6/barrel |
| Feb. 2001 | $27.4/barrel |
| Mar. 2001 | $24.4/barrel |
| Apr. 2001 | $25.6/barrel |
| May 2001 | $28.5/barrel |
| Jun. 2001 | $27.7/barrel |
| Jul. 2001 | $24.5/barrel |
| Aug. 2001 | $25.7/barrel |
| Sep. 2001 | $25.5/barrel |
| Oct. 2001 | $20.5/barrel |
| Nov. 2001 | $18.9/barrel |
| Dec. 2001 | $18.6/barrel |
| Jan. 2002 | $19.5/barrel |
| Feb. 2002 | $20.3/barrel |
| Mar. 2002 | $23.7/barrel |
| Apr. 2002 | $25.7/barrel |
| May 2002 | $25.4/barrel |
| Jun. 2002 | $24.1/barrel |
| Jul. 2002 | $25.8/barrel |
| Aug. 2002 | $26.6/barrel |
| Sep. 2002 | $28.3/barrel |
| Oct. 2002 | $27.5/barrel |
| Nov. 2002 | $24.2/barrel |
| Dec. 2002 | $28.5/barrel |
| Jan. 2003 | $31.2/barrel |
| Feb. 2003 | $32.6/barrel |
| Mar. 2003 | $30.3/barrel |
| Apr. 2003 | $25.0/barrel |
| May 2003 | $25.8/barrel |
| Jun. 2003 | $27.5/barrel |
| Jul. 2003 | $28.4/barrel |
| Aug. 2003 | $29.8/barrel |
| Sep. 2003 | $27.1/barrel |
| Oct. 2003 | $29.6/barrel |
| Nov. 2003 | $28.8/barrel |
| Dec. 2003 | $29.9/barrel |
| Jan. 2004 | $31.2/barrel |
| Feb. 2004 | $30.9/barrel |
| Mar. 2004 | $33.8/barrel |
| Apr. 2004 | $33.4/barrel |
| May 2004 | $37.9/barrel |
| Jun. 2004 | $35.2/barrel |
| Jul. 2004 | $38.4/barrel |
| Aug. 2004 | $43.0/barrel |
| Sep. 2004 | $43.4/barrel |
| Oct. 2004 | $49.8/barrel |
| Nov. 2004 | $43.1/barrel |
| Dec. 2004 | $39.6/barrel |
| Jan. 2005 | $44.3/barrel |
| Feb. 2005 | $45.6/barrel |
| Mar. 2005 | $53.1/barrel |
| Apr. 2005 | $51.9/barrel |
| May 2005 | $48.7/barrel |
| Jun. 2005 | $54.3/barrel |
| Jul. 2005 | $57.6/barrel |
| Aug. 2005 | $64.1/barrel |
| Sep. 2005 | $63.0/barrel |
| Oct. 2005 | $58.5/barrel |
| Nov. 2005 | $55.5/barrel |
| Dec. 2005 | $56.7/barrel |
| Jan. 2006 | $63.6/barrel |
| Feb. 2006 | $59.9/barrel |
| Mar. 2006 | $62.3/barrel |
| Apr. 2006 | $70.4/barrel |
| May 2006 | $70.2/barrel |
| Jun. 2006 | $68.9/barrel |
| Jul. 2006 | $73.9/barrel |
| Aug. 2006 | $73.6/barrel |
| Sep. 2006 | $62.8/barrel |
| Oct. 2006 | $58.4/barrel |
| Nov. 2006 | $58.5/barrel |
| Dec. 2006 | $62.3/barrel |
| Jan. 2007 | $54.3/barrel |
| Feb. 2007 | $57.8/barrel |
| Mar. 2007 | $62.1/barrel |
| Apr. 2007 | $67.4/barrel |
| May 2007 | $67.5/barrel |
| Jun. 2007 | $71.3/barrel |
| Jul. 2007 | $77.2/barrel |
| Aug. 2007 | $70.8/barrel |
| Sep. 2007 | $77.1/barrel |
| Oct. 2007 | $82.9/barrel |
| Nov. 2007 | $92.5/barrel |
| Dec. 2007 | $91.5/barrel |
| Jan. 2008 | $91.9/barrel |
| Feb. 2008 | $94.8/barrel |
| Mar. 2008 | $103.3/barrel |
| Apr. 2008 | $110.2/barrel |
| May 2008 | $123.9/barrel |
| Jun. 2008 | $133.0/barrel |
| Jul. 2008 | $133.9/barrel |
| Aug. 2008 | $113.8/barrel |
| Sep. 2008 | $99.1/barrel |
| Oct. 2008 | $72.8/barrel |
| Nov. 2008 | $53.2/barrel |
| Dec. 2008 | $41.6/barrel |
| Jan. 2009 | $44.9/barrel |
| Feb. 2009 | $43.2/barrel |
| Mar. 2009 | $46.8/barrel |
| Apr. 2009 | $50.8/barrel |
| May 2009 | $57.9/barrel |
| Jun. 2009 | $68.6/barrel |
| Jul. 2009 | $64.9/barrel |
| Aug. 2009 | $72.5/barrel |
| Sep. 2009 | $67.7/barrel |
| Oct. 2009 | $73.2/barrel |
| Nov. 2009 | $77.0/barrel |
| Dec. 2009 | $74.7/barrel |
| Jan. 2010 | $76.4/barrel |
| Feb. 2010 | $74.3/barrel |
| Mar. 2010 | $79.3/barrel |
| Apr. 2010 | $85.0/barrel |
| May 2010 | $76.3/barrel |
| Jun. 2010 | $74.8/barrel |
| Jul. 2010 | $74.7/barrel |
| Aug. 2010 | $76.7/barrel |
| Sep. 2010 | $77.8/barrel |
| Oct. 2010 | $82.9/barrel |
| Nov. 2010 | $85.7/barrel |
| Dec. 2010 | $91.8/barrel |
| Jan. 2011 | $96.3/barrel |
| Feb. 2011 | $104.0/barrel |
| Mar. 2011 | $114.4/barrel |
| Apr. 2011 | $123.1/barrel |
| May 2011 | $114.5/barrel |
| Jun. 2011 | $113.8/barrel |
| Jul. 2011 | $116.5/barrel |
| Aug. 2011 | $110.1/barrel |
| Sep. 2011 | $110.9/barrel |
| Oct. 2011 | $109.5/barrel |
| Nov. 2011 | $110.5/barrel |
| Dec. 2011 | $107.9/barrel |
| Jan. 2012 | $111.2/barrel |
| Feb. 2012 | $119.7/barrel |
| Mar. 2012 | $124.9/barrel |
| Apr. 2012 | $120.5/barrel |
| May 2012 | $110.5/barrel |
| Jun. 2012 | $95.6/barrel |
| Jul. 2012 | $103.1/barrel |
| Aug. 2012 | $113.3/barrel |
| Sep. 2012 | $113.4/barrel |
| Oct. 2012 | $112.0/barrel |
| Nov. 2012 | $109.7/barrel |
| Dec. 2012 | $109.7/barrel |
| Jan. 2013 | $113.0/barrel |
| Feb. 2013 | $116.5/barrel |
| Mar. 2013 | $109.2/barrel |
| Apr. 2013 | $102.9/barrel |
| May 2013 | $103.0/barrel |
| Jun. 2013 | $103.1/barrel |
| Jul. 2013 | $107.7/barrel |
| Aug. 2013 | $111.0/barrel |
| Sep. 2013 | $111.6/barrel |
| Oct. 2013 | $109.5/barrel |
| Nov. 2013 | $108.1/barrel |
| Dec. 2013 | $110.7/barrel |
| Jan. 2014 | $107.4/barrel |
| Feb. 2014 | $108.8/barrel |
| Mar. 2014 | $107.4/barrel |
| Apr. 2014 | $107.8/barrel |
| May 2014 | $109.7/barrel |
| Jun. 2014 | $111.9/barrel |
| Jul. 2014 | $107.0/barrel |
| Aug. 2014 | $101.9/barrel |
| Sep. 2014 | $97.3/barrel |
| Oct. 2014 | $87.3/barrel |
| Nov. 2014 | $78.4/barrel |
| Dec. 2014 | $62.3/barrel |
| Jan. 2015 | $48.1/barrel |
| Feb. 2015 | $57.9/barrel |
| Mar. 2015 | $55.8/barrel |
| Apr. 2015 | $59.4/barrel |
| May 2015 | $64.6/barrel |
| Jun. 2015 | $62.3/barrel |
| Jul. 2015 | $55.9/barrel |
| Aug. 2015 | $47.0/barrel |
| Sep. 2015 | $47.2/barrel |
| Oct. 2015 | $48.1/barrel |
| Nov. 2015 | $44.4/barrel |
| Dec. 2015 | $37.7/barrel |
| Jan. 2016 | $30.8/barrel |
| Feb. 2016 | $33.2/barrel |
| Mar. 2016 | $39.1/barrel |
| Apr. 2016 | $42.3/barrel |
| May 2016 | $47.1/barrel |
| Jun. 2016 | $48.5/barrel |
| Jul. 2016 | $45.1/barrel |
| Aug. 2016 | $46.1/barrel |
| Sep. 2016 | $46.2/barrel |
| Oct. 2016 | $49.7/barrel |
| Nov. 2016 | $46.4/barrel |
| Dec. 2016 | $54.1/barrel |
| Jan. 2017 | $54.9/barrel |
| Feb. 2017 | $55.5/barrel |
| Mar. 2017 | $52.0/barrel |
| Apr. 2017 | $53.0/barrel |
| May 2017 | $50.9/barrel |
| Jun. 2017 | $46.9/barrel |
| Jul. 2017 | $48.7/barrel |
| Aug. 2017 | $51.4/barrel |
| Sep. 2017 | $55.2/barrel |
| Oct. 2017 | $57.6/barrel |
| Nov. 2017 | $62.6/barrel |
| Dec. 2017 | $64.2/barrel |
| Jan. 2018 | $69.0/barrel |
| Feb. 2018 | $65.4/barrel |
| Mar. 2018 | $66.5/barrel |
| Apr. 2018 | $71.6/barrel |
| May 2018 | $76.7/barrel |
| Jun. 2018 | $75.2/barrel |
| Jul. 2018 | $74.4/barrel |
| Aug. 2018 | $73.1/barrel |
| Sep. 2018 | $78.9/barrel |
| Oct. 2018 | $80.5/barrel |
| Nov. 2018 | $65.2/barrel |
| Dec. 2018 | $56.5/barrel |
| Jan. 2019 | $59.3/barrel |
| Feb. 2019 | $64.1/barrel |
| Mar. 2019 | $66.4/barrel |
| Apr. 2019 | $71.2/barrel |
| May 2019 | $70.5/barrel |
| Jun. 2019 | $63.3/barrel |
| Jul. 2019 | $64.0/barrel |
| Aug. 2019 | $59.3/barrel |
| Sep. 2019 | $62.3/barrel |
| Oct. 2019 | $59.4/barrel |
| Nov. 2019 | $62.7/barrel |
| Dec. 2019 | $65.9/barrel |
| Jan. 2020 | $63.6/barrel |
| Feb. 2020 | $55.0/barrel |
| Mar. 2020 | $33.0/barrel |
| Apr. 2020 | $23.3/barrel |
| May 2020 | $31.0/barrel |
| Jun. 2020 | $39.9/barrel |
| Jul. 2020 | $42.8/barrel |
| Aug. 2020 | $44.3/barrel |
| Sep. 2020 | $41.1/barrel |
| Oct. 2020 | $40.5/barrel |
| Nov. 2020 | $43.2/barrel |
| Dec. 2020 | $49.9/barrel |
| Jan. 2021 | $54.6/barrel |
| Feb. 2021 | $62.0/barrel |
| Mar. 2021 | $65.2/barrel |
| Apr. 2021 | $64.8/barrel |
| May 2021 | $68.0/barrel |
| Jun. 2021 | $73.1/barrel |
| Jul. 2021 | $74.4/barrel |
| Aug. 2021 | $70.0/barrel |
| Sep. 2021 | $74.6/barrel |
| Oct. 2021 | $83.7/barrel |
| Nov. 2021 | $80.8/barrel |
| Dec. 2021 | $74.3/barrel |
| Jan. 2022 | $85.5/barrel |
| Feb. 2022 | $95.8/barrel |
| Mar. 2022 | $115.6/barrel |
| Apr. 2022 | $105.8/barrel |
| May 2022 | $112.4/barrel |
| Jun. 2022 | $120.1/barrel |
| Jul. 2022 | $108.9/barrel |
| Aug. 2022 | $98.6/barrel |
| Sep. 2022 | $90.2/barrel |
| Oct. 2022 | $93.1/barrel |
| Nov. 2022 | $91.1/barrel |
| Dec. 2022 | $80.9/barrel |
| Jan. 2023 | $83.1/barrel |
| Feb. 2023 | $82.7/barrel |
| Mar. 2023 | $78.5/barrel |
| Apr. 2023 | $84.1/barrel |
| May 2023 | $75.7/barrel |
| Jun. 2023 | $74.9/barrel |
| Jul. 2023 | $80.1/barrel |
| Aug. 2023 | $86.2/barrel |
| Sep. 2023 | $94.0/barrel |
| Oct. 2023 | $91.1/barrel |
| Nov. 2023 | $83.2/barrel |
| Dec. 2023 | $77.9/barrel |
| Jan. 2024 | $80.2/barrel |
| Feb. 2024 | $83.8/barrel |
| Mar. 2024 | $85.4/barrel |
| Apr. 2024 | $90.1/barrel |
| May 2024 | $82.0/barrel |
| Jun. 2024 | $82.6/barrel |
| Jul. 2024 | $85.3/barrel |
| Aug. 2024 | $80.9/barrel |
| Sep. 2024 | $74.3/barrel |
| Oct. 2024 | $75.7/barrel |
| Nov. 2024 | $74.4/barrel |
| Dec. 2024 | $73.8/barrel |
| Jan. 2025 | $79.2/barrel |
| Feb. 2025 | $75.2/barrel |
| Mar. 2025 | $72.6/barrel |
| Apr. 2025 | $67.7/barrel |
| May 2025 | $64.2/barrel |
| Jun. 2025 | $71.5/barrel |
| Jul. 2025 | $71.0/barrel |
| Aug. 2025 | $68.2/barrel |
| Sep. 2025 | $68.0/barrel |
| Oct. 2025 | $64.7/barrel |
| Nov. 2025 | $63.6/barrel |
| Dec. 2025 | $62.7/barrel |
| Jan. 2026 | $66.8/barrel |
| Feb. 2026 | $71.1/barrel |
| Mar. 2026 | $103.7/barrel |
| Apr. 2026 | $120.4/barrel |
| May 2026 | $107.5/barrel |
| Jun. 2026 | $85.4/barrel |
| Jul. 2026 | $83.4/barrel |
| Aug. 2026 | $90.9/barrel |
| Sep. 2026 | $116.8/barrel |
| Oct. 2026 | $125.0/barrel |
2. Gas: Europe and Asia exposed
The Gulf also exports liquefied natural gas. European and Japanese prices rise; the US price, set on a largely self-sufficient domestic market, does not follow. European gas remains far from its Aug. 2022 peak ($70.0/MMBtu).
Natural gas prices, monthly average
Dollars per million BTU. Europe: Dutch TTF; Japan: imported liquefied natural gas; United States: Henry Hub.
- United States (Henry Hub)
- Japan (LNG)
- Europe (TTF)
Source:World Bank
Show the chart data
| Period | Europe (TTF) | Japan (LNG) | United States (Henry Hub) |
|---|---|---|---|
| Jan. 2019 | $7.26/MMBtu | $12.01/MMBtu | $3.08/MMBtu |
| Feb. 2019 | $6.01/MMBtu | $11.81/MMBtu | $2.72/MMBtu |
| Mar. 2019 | $5.18/MMBtu | $11.29/MMBtu | $2.94/MMBtu |
| Apr. 2019 | $4.92/MMBtu | $10.27/MMBtu | $2.65/MMBtu |
| May 2019 | $4.34/MMBtu | $10.15/MMBtu | $2.63/MMBtu |
| Jun. 2019 | $3.59/MMBtu | $10.04/MMBtu | $2.40/MMBtu |
| Jul. 2019 | $3.62/MMBtu | $10.13/MMBtu | $2.36/MMBtu |
| Aug. 2019 | $3.68/MMBtu | $10.86/MMBtu | $2.22/MMBtu |
| Sep. 2019 | $4.21/MMBtu | $10.14/MMBtu | $2.58/MMBtu |
| Oct. 2019 | $5.06/MMBtu | $9.98/MMBtu | $2.33/MMBtu |
| Nov. 2019 | $5.15/MMBtu | $10.04/MMBtu | $2.65/MMBtu |
| Dec. 2019 | $4.62/MMBtu | $10.06/MMBtu | $2.24/MMBtu |
| Jan. 2020 | $3.63/MMBtu | $9.89/MMBtu | $2.03/MMBtu |
| Feb. 2020 | $2.91/MMBtu | $9.89/MMBtu | $1.92/MMBtu |
| Mar. 2020 | $2.72/MMBtu | $10.21/MMBtu | $1.79/MMBtu |
| Apr. 2020 | $2.12/MMBtu | $10.01/MMBtu | $1.74/MMBtu |
| May 2020 | $1.58/MMBtu | $10.08/MMBtu | $1.75/MMBtu |
| Jun. 2020 | $1.75/MMBtu | $8.97/MMBtu | $1.61/MMBtu |
| Jul. 2020 | $1.80/MMBtu | $7.79/MMBtu | $1.74/MMBtu |
| Aug. 2020 | $2.86/MMBtu | $6.34/MMBtu | $2.30/MMBtu |
| Sep. 2020 | $3.95/MMBtu | $5.88/MMBtu | $1.92/MMBtu |
| Oct. 2020 | $4.89/MMBtu | $6.18/MMBtu | $2.25/MMBtu |
| Nov. 2020 | $4.84/MMBtu | $6.86/MMBtu | $2.59/MMBtu |
| Dec. 2020 | $5.86/MMBtu | $7.66/MMBtu | $2.54/MMBtu |
| Jan. 2021 | $7.27/MMBtu | $9.00/MMBtu | $2.67/MMBtu |
| Feb. 2021 | $6.16/MMBtu | $9.88/MMBtu | $5.07/MMBtu |
| Mar. 2021 | $6.13/MMBtu | $7.90/MMBtu | $2.56/MMBtu |
| Apr. 2021 | $7.15/MMBtu | $8.28/MMBtu | $2.61/MMBtu |
| May 2021 | $8.91/MMBtu | $8.92/MMBtu | $2.89/MMBtu |
| Jun. 2021 | $10.30/MMBtu | $9.62/MMBtu | $3.23/MMBtu |
| Jul. 2021 | $12.51/MMBtu | $10.36/MMBtu | $3.80/MMBtu |
| Aug. 2021 | $15.43/MMBtu | $10.80/MMBtu | $4.05/MMBtu |
| Sep. 2021 | $22.84/MMBtu | $11.44/MMBtu | $5.11/MMBtu |
| Oct. 2021 | $31.05/MMBtu | $12.38/MMBtu | $5.48/MMBtu |
| Nov. 2021 | $27.62/MMBtu | $15.25/MMBtu | $5.02/MMBtu |
| Dec. 2021 | $38.03/MMBtu | $15.32/MMBtu | $3.73/MMBtu |
| Jan. 2022 | $28.26/MMBtu | $14.69/MMBtu | $4.33/MMBtu |
| Feb. 2022 | $27.23/MMBtu | $17.00/MMBtu | $4.66/MMBtu |
| Mar. 2022 | $42.39/MMBtu | $15.11/MMBtu | $4.88/MMBtu |
| Apr. 2022 | $32.20/MMBtu | $16.29/MMBtu | $6.53/MMBtu |
| May 2022 | $29.17/MMBtu | $16.68/MMBtu | $8.14/MMBtu |
| Jun. 2022 | $33.56/MMBtu | $15.53/MMBtu | $7.67/MMBtu |
| Jul. 2022 | $51.33/MMBtu | $18.88/MMBtu | $7.26/MMBtu |
| Aug. 2022 | $70.04/MMBtu | $21.21/MMBtu | $8.79/MMBtu |
| Sep. 2022 | $59.10/MMBtu | $23.73/MMBtu | $7.76/MMBtu |
| Oct. 2022 | $39.02/MMBtu | $21.84/MMBtu | $5.62/MMBtu |
| Nov. 2022 | $35.72/MMBtu | $19.59/MMBtu | $5.28/MMBtu |
| Dec. 2022 | $36.04/MMBtu | $20.58/MMBtu | $5.50/MMBtu |
| Jan. 2023 | $20.18/MMBtu | $20.19/MMBtu | $3.27/MMBtu |
| Feb. 2023 | $16.54/MMBtu | $18.42/MMBtu | $2.38/MMBtu |
| Mar. 2023 | $13.81/MMBtu | $16.03/MMBtu | $2.30/MMBtu |
| Apr. 2023 | $13.52/MMBtu | $14.37/MMBtu | $2.16/MMBtu |
| May 2023 | $10.11/MMBtu | $13.43/MMBtu | $2.15/MMBtu |
| Jun. 2023 | $10.35/MMBtu | $12.68/MMBtu | $2.18/MMBtu |
| Jul. 2023 | $9.55/MMBtu | $12.99/MMBtu | $2.55/MMBtu |
| Aug. 2023 | $11.19/MMBtu | $12.54/MMBtu | $2.58/MMBtu |
| Sep. 2023 | $11.55/MMBtu | $12.21/MMBtu | $2.64/MMBtu |
| Oct. 2023 | $14.57/MMBtu | $12.62/MMBtu | $2.99/MMBtu |
| Nov. 2023 | $14.49/MMBtu | $12.72/MMBtu | $2.71/MMBtu |
| Dec. 2023 | $11.51/MMBtu | $14.44/MMBtu | $2.53/MMBtu |
| Jan. 2024 | $9.56/MMBtu | $14.34/MMBtu | $3.18/MMBtu |
| Feb. 2024 | $8.15/MMBtu | $13.64/MMBtu | $1.72/MMBtu |
| Mar. 2024 | $8.55/MMBtu | $13.19/MMBtu | $1.50/MMBtu |
| Apr. 2024 | $9.09/MMBtu | $11.88/MMBtu | $1.60/MMBtu |
| May 2024 | $10.12/MMBtu | $12.16/MMBtu | $2.13/MMBtu |
| Jun. 2024 | $10.87/MMBtu | $12.13/MMBtu | $2.51/MMBtu |
| Jul. 2024 | $10.35/MMBtu | $12.49/MMBtu | $2.08/MMBtu |
| Aug. 2024 | $12.37/MMBtu | $13.32/MMBtu | $1.99/MMBtu |
| Sep. 2024 | $11.78/MMBtu | $12.97/MMBtu | $2.25/MMBtu |
| Oct. 2024 | $12.92/MMBtu | $12.54/MMBtu | $2.21/MMBtu |
| Nov. 2024 | $13.93/MMBtu | $12.82/MMBtu | $2.10/MMBtu |
| Dec. 2024 | $13.86/MMBtu | $12.64/MMBtu | $3.02/MMBtu |
| Jan. 2025 | $14.66/MMBtu | $13.19/MMBtu | $4.10/MMBtu |
| Feb. 2025 | $15.34/MMBtu | $12.78/MMBtu | $4.22/MMBtu |
| Mar. 2025 | $13.24/MMBtu | $12.55/MMBtu | $4.13/MMBtu |
| Apr. 2025 | $11.59/MMBtu | $12.68/MMBtu | $3.40/MMBtu |
| May 2025 | $11.66/MMBtu | $12.32/MMBtu | $3.12/MMBtu |
| Jun. 2025 | $12.37/MMBtu | $12.17/MMBtu | $3.02/MMBtu |
| Jul. 2025 | $11.62/MMBtu | $11.91/MMBtu | $3.19/MMBtu |
| Aug. 2025 | $11.15/MMBtu | $11.79/MMBtu | $2.91/MMBtu |
| Sep. 2025 | $11.12/MMBtu | $11.47/MMBtu | $2.97/MMBtu |
| Oct. 2025 | $10.89/MMBtu | $11.10/MMBtu | $3.20/MMBtu |
| Nov. 2025 | $10.42/MMBtu | $11.15/MMBtu | $3.79/MMBtu |
| Dec. 2025 | $9.48/MMBtu | $11.32/MMBtu | $4.25/MMBtu |
| Jan. 2026 | $11.76/MMBtu | $11.49/MMBtu | $7.58/MMBtu |
| Feb. 2026 | $11.24/MMBtu | $11.32/MMBtu | $3.61/MMBtu |
| Mar. 2026 | $17.91/MMBtu | $11.42/MMBtu | $3.06/MMBtu |
| Apr. 2026 | $15.41/MMBtu | $15.65/MMBtu | $2.77/MMBtu |
| May 2026 | $16.17/MMBtu | $12.88/MMBtu | $2.93/MMBtu |
| Jun. 2026 | $15.17/MMBtu | $11.79/MMBtu | $3.15/MMBtu |
| Jul. 2026 | $18.06/MMBtu | $13.85/MMBtu | $2.89/MMBtu |
| Aug. 2026 | $21.11/MMBtu | $15.27/MMBtu | $2.77/MMBtu |
| Sep. 2026 | $25.42/MMBtu | $16.26/MMBtu | $2.95/MMBtu |
| Oct. 2026 | $28.50/MMBtu | $16.59/MMBtu | $2.96/MMBtu |
3. What consumers pay
At the pump the rise is quick; on electricity and gas bills it is slower, because contracts and regulated tariffs adjust with a lag.
European Union: energy prices, change over a year
Harmonised index of consumer prices (Eurostat). Liquid fuels; electricity, gas, solid fuels and heat; energy as a whole.
- Energy as a whole
- Electricity and gas
- Fuels
Source:Eurostat
Show the chart data
| Period | Fuels | Electricity and gas | Energy as a whole |
|---|---|---|---|
| Jan. 2019 | 0.2% | 4.4% | 2.5% |
| Feb. 2019 | 2.7% | 3.9% | 3.4% |
| Mar. 2019 | 5.7% | 4.3% | 4.9% |
| Apr. 2019 | 6.1% | 4.1% | 5.0% |
| May 2019 | 3.9% | 3.5% | 3.7% |
| Jun. 2019 | −0.4% | 3.5% | 1.6% |
| Jul. 2019 | −0.5% | 1.5% | 0.5% |
| Aug. 2019 | −2.0% | 1.0% | −0.5% |
| Sep. 2019 | −3.8% | 0.5% | −1.6% |
| Oct. 2019 | −5.4% | −0.2% | −2.7% |
| Nov. 2019 | −4.8% | −0.4% | −2.6% |
| Dec. 2019 | 1.7% | −0.5% | 0.6% |
| Jan. 2020 | 5.9% | −1.0% | 2.2% |
| Feb. 2020 | 1.2% | −0.8% | 0.1% |
| Mar. 2020 | −6.5% | −1.3% | −3.8% |
| Apr. 2020 | −16.6% | −2.1% | −9.2% |
| May 2020 | −20.8% | −2.0% | −11.2% |
| Jun. 2020 | −15.7% | −2.0% | −8.6% |
| Jul. 2020 | −13.4% | −2.3% | −7.7% |
| Aug. 2020 | −12.6% | −1.8% | −7.0% |
| Sep. 2020 | −13.4% | −1.4% | −7.2% |
| Oct. 2020 | −13.8% | −1.3% | −7.3% |
| Nov. 2020 | −14.3% | −1.2% | −7.5% |
| Dec. 2020 | −12.0% | −0.7% | −6.2% |
| Jan. 2021 | −8.8% | 1.5% | −3.5% |
| Feb. 2021 | −2.9% | 0.8% | −1.1% |
| Mar. 2021 | 7.8% | 2.2% | 4.5% |
| Apr. 2021 | 17.9% | 5.0% | 10.5% |
| May 2021 | 23.2% | 5.5% | 12.9% |
| Jun. 2021 | 20.7% | 5.9% | 12.2% |
| Jul. 2021 | 21.2% | 8.6% | 14.0% |
| Aug. 2021 | 22.0% | 9.6% | 14.9% |
| Sep. 2021 | 24.6% | 11.1% | 16.8% |
| Oct. 2021 | 32.1% | 15.6% | 22.6% |
| Nov. 2021 | 36.5% | 18.2% | 25.9% |
| Dec. 2021 | 28.9% | 21.3% | 24.6% |
| Jan. 2022 | 26.1% | 27.8% | 27.0% |
| Feb. 2022 | 26.7% | 30.4% | 28.7% |
| Mar. 2022 | 44.2% | 36.7% | 40.2% |
| Apr. 2022 | 35.7% | 35.5% | 35.6% |
| May 2022 | 38.7% | 36.7% | 37.7% |
| Jun. 2022 | 45.2% | 37.4% | 41.1% |
| Jul. 2022 | 37.0% | 39.2% | 38.3% |
| Aug. 2022 | 27.5% | 45.9% | 37.5% |
| Sep. 2022 | 26.3% | 50.5% | 39.4% |
| Oct. 2022 | 22.4% | 52.6% | 38.7% |
| Nov. 2022 | 17.1% | 47.2% | 33.3% |
| Dec. 2022 | 11.7% | 36.7% | 25.4% |
| Jan. 2023 | 12.9% | 26.3% | 20.6% |
| Feb. 2023 | 8.3% | 22.7% | 16.6% |
| Mar. 2023 | −9.9% | 13.2% | 2.5% |
| Apr. 2023 | −4.8% | 11.5% | 4.4% |
| May 2023 | −11.9% | 9.5% | −0.3% |
| Jun. 2023 | −16.6% | 6.8% | −4.1% |
| Jul. 2023 | −13.2% | 2.6% | −4.4% |
| Aug. 2023 | −1.6% | −3.2% | −2.0% |
| Sep. 2023 | 0.7% | −7.8% | −3.6% |
| Oct. 2023 | −3.8% | −13.4% | −8.9% |
| Nov. 2023 | −4.4% | −12.8% | −8.9% |
| Dec. 2023 | −0.8% | −8.4% | −5.0% |
| Jan. 2024 | −4.7% | −6.1% | −5.5% |
| Feb. 2024 | −1.2% | −5.0% | −3.3% |
| Mar. 2024 | 0.2% | −3.0% | −1.6% |
| Apr. 2024 | 2.2% | −2.8% | −0.5% |
| May 2024 | 4.5% | −2.6% | 0.5% |
| Jun. 2024 | 1.6% | −1.0% | 0.2% |
| Jul. 2024 | 1.6% | 1.8% | 1.7% |
| Aug. 2024 | −6.4% | 1.7% | −2.1% |
| Sep. 2024 | −12.1% | 1.9% | −4.7% |
| Oct. 2024 | −9.9% | 2.6% | −3.3% |
| Nov. 2024 | −7.0% | 3.7% | −1.2% |
| Dec. 2024 | −3.0% | 3.6% | 0.7% |
| Jan. 2025 | 0.5% | 3.8% | 2.4% |
| Feb. 2025 | −2.0% | 3.4% | 1.0% |
| Mar. 2025 | −5.3% | 3.6% | −0.4% |
| Apr. 2025 | −9.2% | 2.6% | −2.8% |
| May 2025 | −8.9% | 2.5% | −2.7% |
| Jun. 2025 | −6.0% | 1.6% | −1.8% |
| Jul. 2025 | −5.5% | 1.3% | −1.7% |
| Aug. 2025 | −4.0% | 1.1% | −1.2% |
| Sep. 2025 | −0.3% | 0.9% | 0.4% |
| Oct. 2025 | −0.9% | 0.8% | 0.0% |
| Nov. 2025 | 0.4% | 0.2% | 0.3% |
| Dec. 2025 | −2.2% | −0.2% | −1.1% |
| Jan. 2026 | −4.4% | −1.8% | −2.9% |
| Feb. 2026 | −3.7% | −1.0% | −2.2% |
| Mar. 2026 | 13.9% | −0.8% | 5.4% |
| Apr. 2026 | 22.5% | 1.4% | 10.3% |
| May 2026 | 22.2% | 2.4% | 10.7% |
| Jun. 2026 | 14.7% | 4.1% | 8.6% |
| Jul. 2026 | 17.8% | 3.5% | 9.5% |
| Aug. 2026 | 25.0% | 4.2% | 13.0% |
| Sep. 2026 | 33.1% | 6.2% | 17.6% |
Consumer energy prices: EU, United States, Japan
Change over a year. Definitions of energy and public support to households differ between countries.
- Japan
- United States
- European Union
Source:EurostatUS Bureau of Labor StatisticsStatistics Bureau of Japan (via DBnomics)
Show the chart data
| Period | European Union | United States | Japan |
|---|---|---|---|
| Jan. 2019 | 2.5% | −4.8% | 4.9% |
| Feb. 2019 | 3.4% | −5.0% | 4.4% |
| Mar. 2019 | 4.9% | −0.4% | 5.2% |
| Apr. 2019 | 5.0% | 1.7% | 4.6% |
| May 2019 | 3.7% | −0.5% | 3.7% |
| Jun. 2019 | 1.6% | −3.4% | 1.2% |
| Jul. 2019 | 0.5% | −2.0% | 0.6% |
| Aug. 2019 | −0.5% | −4.4% | −0.3% |
| Sep. 2019 | −1.6% | −4.8% | −1.9% |
| Oct. 2019 | −2.7% | −4.2% | −2.7% |
| Nov. 2019 | −2.6% | −0.6% | −2.2% |
| Dec. 2019 | 0.6% | 3.4% | −0.6% |
| Jan. 2020 | 2.2% | 6.2% | 0.8% |
| Feb. 2020 | 0.1% | 2.8% | −0.2% |
| Mar. 2020 | −3.8% | −5.7% | −1.7% |
| Apr. 2020 | −9.2% | −17.7% | −4.7% |
| May 2020 | −11.2% | −18.9% | −6.6% |
| Jun. 2020 | −8.6% | −12.6% | −5.1% |
| Jul. 2020 | −7.7% | −11.2% | −4.4% |
| Aug. 2020 | −7.0% | −9.0% | −3.5% |
| Sep. 2020 | −7.2% | −7.7% | −3.5% |
| Oct. 2020 | −7.3% | −9.2% | −5.8% |
| Nov. 2020 | −7.5% | −9.4% | −7.7% |
| Dec. 2020 | −6.2% | −7.0% | −8.2% |
| Jan. 2021 | −3.5% | −3.6% | −8.7% |
| Feb. 2021 | −1.1% | 2.4% | −7.4% |
| Mar. 2021 | 4.5% | 13.2% | −4.5% |
| Apr. 2021 | 10.5% | 25.1% | 0.4% |
| May 2021 | 12.9% | 28.5% | 3.8% |
| Jun. 2021 | 12.2% | 24.5% | 4.3% |
| Jul. 2021 | 14.0% | 23.8% | 5.8% |
| Aug. 2021 | 14.9% | 25.0% | 5.5% |
| Sep. 2021 | 16.8% | 24.8% | 7.5% |
| Oct. 2021 | 22.6% | 30.0% | 11.4% |
| Nov. 2021 | 25.9% | 33.3% | 15.6% |
| Dec. 2021 | 24.6% | 29.3% | 16.4% |
| Jan. 2022 | 27.0% | 27.0% | 17.9% |
| Feb. 2022 | 28.7% | 25.6% | 20.5% |
| Mar. 2022 | 40.2% | 32.0% | 20.8% |
| Apr. 2022 | 35.6% | 30.3% | 19.1% |
| May 2022 | 37.7% | 34.6% | 17.1% |
| Jun. 2022 | 41.1% | 41.6% | 16.5% |
| Jul. 2022 | 38.3% | 32.9% | 16.2% |
| Aug. 2022 | 37.5% | 23.8% | 16.9% |
| Sep. 2022 | 39.4% | 19.8% | 16.8% |
| Oct. 2022 | 38.7% | 17.6% | 15.2% |
| Nov. 2022 | 33.3% | 13.1% | 13.4% |
| Dec. 2022 | 25.4% | 7.3% | 15.2% |
| Jan. 2023 | 20.6% | 8.7% | 14.6% |
| Feb. 2023 | 16.6% | 5.2% | −0.7% |
| Mar. 2023 | 2.5% | −6.4% | −3.8% |
| Apr. 2023 | 4.4% | −5.1% | −4.4% |
| May 2023 | −0.3% | −11.7% | −8.2% |
| Jun. 2023 | −4.1% | −16.7% | −6.5% |
| Jul. 2023 | −4.4% | −12.5% | −8.7% |
| Aug. 2023 | −2.0% | −3.6% | −9.8% |
| Sep. 2023 | −3.6% | −0.5% | −11.7% |
| Oct. 2023 | −8.9% | −4.5% | −8.6% |
| Nov. 2023 | −8.9% | −5.4% | −10.2% |
| Dec. 2023 | −5.0% | −2.0% | −11.6% |
| Jan. 2024 | −5.5% | −4.6% | −12.2% |
| Feb. 2024 | −3.3% | −1.9% | −1.7% |
| Mar. 2024 | −1.6% | 2.1% | −0.6% |
| Apr. 2024 | −0.5% | 2.6% | 0.1% |
| May 2024 | 0.5% | 3.7% | 7.2% |
| Jun. 2024 | 0.2% | 1.0% | 7.7% |
| Jul. 2024 | 1.7% | 1.1% | 12.0% |
| Aug. 2024 | −2.1% | −4.0% | 12.1% |
| Sep. 2024 | −4.7% | −6.8% | 5.9% |
| Oct. 2024 | −3.3% | −4.9% | 2.3% |
| Nov. 2024 | −1.2% | −3.2% | 6.0% |
| Dec. 2024 | 0.7% | −0.5% | 10.1% |
| Jan. 2025 | 2.4% | 1.0% | 10.8% |
| Feb. 2025 | 1.0% | −0.2% | 6.9% |
| Mar. 2025 | −0.4% | −3.3% | 6.6% |
| Apr. 2025 | −2.8% | −3.7% | 9.3% |
| May 2025 | −2.7% | −3.5% | 8.1% |
| Jun. 2025 | −1.8% | −0.8% | 2.9% |
| Jul. 2025 | −1.7% | −1.6% | −0.3% |
| Aug. 2025 | −1.2% | 0.2% | −3.3% |
| Sep. 2025 | 0.4% | 2.8% | 2.3% |
| Oct. 2025 | 0.0% | – | 2.1% |
| Nov. 2025 | 0.3% | 4.2% | 2.4% |
| Dec. 2025 | −1.1% | 2.3% | −3.1% |
| Jan. 2026 | −2.9% | −0.1% | −5.2% |
| Feb. 2026 | −2.2% | 0.5% | −9.0% |
| Mar. 2026 | 5.4% | 12.5% | −5.7% |
| Apr. 2026 | 10.3% | 17.9% | −3.8% |
| May 2026 | 10.7% | 23.5% | −2.5% |
| Jun. 2026 | 8.6% | 15.7% | −0.1% |
| Jul. 2026 | 9.5% | 14.7% | 0.9% |
| Aug. 2026 | 13.0% | 16.3% | −0.3% |
| Sep. 2026 | 17.6% | 20.4% | −0.3% |
4. Inflation in the G20
Overall price growth has accelerated in most large economies since March 2026, at very different rates. China is the exception.
Consumer price inflation, over a year
OECD (key economic indicators); EU: Eurostat. United Kingdom: 3.6% in Sep. 2026.
- China
- India
- Australia
- South Korea
- United Kingdom
- United States
- European Union
Show the chart data
| Period | European Union | United States | United Kingdom | South Korea | Australia | India | China |
|---|---|---|---|---|---|---|---|
| Jan. 2024 | 3.1% | 3.1% | 4.2% | 2.8% | – | 4.6% | −0.8% |
| Feb. 2024 | 2.8% | 3.2% | 3.8% | 3.1% | – | 4.9% | 0.7% |
| Mar. 2024 | 2.6% | 3.5% | 3.8% | 3.1% | – | 4.2% | 0.1% |
| Apr. 2024 | 2.6% | 3.4% | 3.0% | 2.9% | – | 3.9% | 0.3% |
| May 2024 | 2.7% | 3.3% | 2.8% | 2.7% | – | 3.9% | 0.3% |
| Jun. 2024 | 2.6% | 3.0% | 2.8% | 2.4% | – | 3.7% | 0.2% |
| Jul. 2024 | 2.8% | 2.9% | 3.1% | 2.6% | – | 2.1% | 0.5% |
| Aug. 2024 | 2.4% | 2.5% | 3.1% | 2.0% | – | 2.4% | 0.6% |
| Sep. 2024 | 2.1% | 2.4% | 2.6% | 1.6% | – | 4.2% | 0.4% |
| Oct. 2024 | 2.3% | 2.6% | 3.2% | 1.3% | – | 4.4% | 0.3% |
| Nov. 2024 | 2.5% | 2.7% | 3.5% | 1.5% | – | 3.9% | 0.2% |
| Dec. 2024 | 2.7% | 2.9% | 3.5% | 1.9% | – | 3.5% | 0.1% |
| Jan. 2025 | 2.8% | 3.0% | 3.9% | 2.2% | – | 3.1% | 0.5% |
| Feb. 2025 | 2.7% | 2.8% | 3.7% | 2.0% | – | 2.6% | −0.7% |
| Mar. 2025 | 2.5% | 2.4% | 3.4% | 2.1% | – | 3.0% | −0.1% |
| Apr. 2025 | 2.4% | 2.3% | 4.1% | 2.1% | 2.4% | 2.9% | −0.1% |
| May 2025 | 2.2% | 2.4% | 4.0% | 1.9% | 2.1% | 2.9% | −0.1% |
| Jun. 2025 | 2.3% | 2.7% | 4.1% | 2.2% | 1.9% | 2.5% | 0.1% |
| Jul. 2025 | 2.4% | 2.7% | 4.2% | 2.1% | 3.0% | 2.7% | 0.0% |
| Aug. 2025 | 2.4% | 2.9% | 4.1% | 1.7% | 3.2% | 3.2% | −0.4% |
| Sep. 2025 | 2.6% | 3.0% | 4.1% | 2.1% | 3.6% | 2.8% | −0.3% |
| Oct. 2025 | 2.5% | – | 3.8% | 2.4% | 3.8% | 2.2% | 0.2% |
| Nov. 2025 | 2.4% | 2.7% | 3.5% | 2.4% | 3.4% | 2.6% | 0.7% |
| Dec. 2025 | 2.3% | 2.7% | 3.6% | 2.3% | 3.8% | 3.1% | 0.8% |
| Jan. 2026 | 2.0% | 2.4% | 3.2% | 2.0% | 3.8% | 3.8% | 0.2% |
| Feb. 2026 | 2.1% | 2.4% | 3.2% | 2.0% | 3.7% | 4.0% | 1.3% |
| Mar. 2026 | 2.8% | 3.3% | 3.4% | 2.2% | 4.6% | 4.3% | 1.0% |
| Apr. 2026 | 3.2% | 3.8% | 3.0% | 2.6% | 4.2% | 4.5% | 1.2% |
| May 2026 | 3.3% | 4.2% | 3.0% | 3.1% | 4.0% | 4.7% | 1.2% |
| Jun. 2026 | 2.9% | 3.5% | 2.8% | 3.2% | 3.8% | 4.8% | 1.0% |
| Jul. 2026 | 3.0% | 3.4% | 3.1% | 2.8% | 3.5% | 4.6% | 0.5% |
| Aug. 2026 | 3.2% | 3.4% | 3.3% | 3.1% | 4.0% | 5.0% | 0.8% |
| Sep. 2026 | 3.8% | 3.7% | 3.6% | 2.9% | 4.3% | 5.6% | 0.9% |
| Oct. 2026 | – | – | – | 2.8% | – | – | 0.7% |
What we know, what we don’t
What the figures establish
- Brent is above its 2022 peak, in current dollars.
- Gas is getting dearer in Europe and Asia, not in the United States.
- Consumer energy prices are accelerating in the EU and the United States, and so is headline inflation.
What they don’t tell
- How long the disruption of the Strait of Hormuz will last: no series forecasts it, and this dossier uses no projection.
- The share of the price rise due to the war: these series do not measure the effect of the war apart from other causes.
- The effect of public support, taxes and stocks on the prices each household pays.
Sources
Series downloaded from their producers on Nov 12, 2026, the snapshot date. Only published periods are used: no projection.
- Eurostat HICP, ECOICOP ver. 2, monthly annual rate of change (prc_hicp_minr)
- OECD Key Economic Indicators: consumer price inflation, year on year (DF_KEI)
- Statistics Bureau of Japan (via DBnomics) Consumer Price Index, Japan, energy (STATJP/CPIm/739)
- US Bureau of Labor Statistics CPI-U, energy, US city average, not seasonally adjusted (CUUR0000SA0E)
- World Bank Commodity Price Data (The Pink Sheet), monthly prices