Last week, the price of European gas fell – briefly – below €55/MWh, its lowest point in more than one year, using the Dutch TTF benchmark. Since the New Year, the fuel has consistently traded below €75/MWh, the price observed in mid-February 2022. Last August, it had peaked above €300/MWh. Brent crude oil, too, has remained below its pre-war price for a month now. As forecasters around the world predict little or no growth in most economies this year, the prospect of reduced demand has dampened both energy prices and other, related components of inflation. International freight costs, too, have…

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