European Gas HICP by Country

The European Gas HICP in 2023 indicates significant variation across countries. Netherlands leads with the highest index value, reflecting a substantial increase compared to 2022. Estonia and Bulgaria follow closely. Countries like Denmark, Belgium, and Greece exhibit notable, albeit lower, growth rates. Among the lower-ranking countries, Serbia and Malta show minimal year-on-year change, while Montenegro even experiences a slight decrease. The compound annual growth rate over the last five years demonstrates consistent upward trends, with Eastern European and Mediterranean countries maintaining moderate growth.

Future trends to watch include:

• The pace of energy transition across Europe and phasing out of fossil fuels impacting gas prices.
• The geopolitical landscape potentially altering supply chains and consequently HICP indices.
• Technological advancements in energy efficiency which may dampen future gas consumption and costs.