The International Energy agency has revealed that lng now makes up 35 of europes energy supplies, not far off the 40 contribution that russia made before it was sanctioned over ukraine. Joining me now is ben mcwilliams, whos an Affiliate Fellow at bruegel. Thank you very much for being with us today. What are your concerns about where gas prices could go if these workers do indeed strike . This is certainly a concern, but to be clear up front, nothing comparable to last year. The position we are in is that, as you mentioned, as russian Pipeline Supplies have been cut over the last 12 months, the eu and uk have become more dependent on liquefied national gas. Natural gas. Australia typically supplies asia. If it were cut to asian consumers, we would see asian consumers turning around and looking to qatar and competing with european buyers there, which would in turn have some Knock On Effect on prices. As it had last week, 40 increase from around 30 to 36 euros just nothing like close to
Projection that we present today is very much into parts. Im going to begin with the first part. Starting near term outlook. This chart shows the evolution of Consumer Price inflation and its components since 2018. It shows that inflation has come off the peak in october last year and that it continues to fall over the rest of this year in our near term projection. Thats the piece showed in the shade of part of the chart. This fall can be attributed in large part to a full on contribution from energy. Fuel prices have declined, electricity and gas prices have stabilised, albeit at a higher level. The Dark Orange Bars on this chart show how the contribution from Energy Prices falling and turning negatively in the coming months. Giving off gems price cap on energy and gas bills, we expect inflation to take a further step down in the july dates will be published in two weeks time. That will come down to around 7 at that point. Following a larger step down in 0ctober s data to around about
if ukraine is going to attract the investment, it s going to need the investment it s going to need notjust from governments, notjust from internationalfinancial institutions, but from the private sector. the private sector, it has to build the best possible environment to attract that investment. well some of that extra funding could come from the european union. the european commission president, ursula von der leyen, has asked eu member states to provide 55 billion dollars to support ukraine over the next four years. she said that this reserve would allow brussels to calibrate its financial support depending on the situation on the ground. let s bring in amanda and peter. in many ways, this is a positive sign, looking at life after the war. , but perhaps some of it seems premature? i think it is a rather well timed. as you say, it looks beyond the immediate offensive towards the huge task of reconstructing ukraine, hopefully when some kind of peace is reached. i think, hop