Fall in summer wholesale gas price raises hope for inflation outlook

European prices fell as tensions eased over Ukraine

Gas futures declined after French president Emmanuel Macron said that he received assurances from his Russian counterpart Vladimir Putin that Moscow would not further escalate tensions over Ukraine. Picture: AP

European wholesale gas prices fell as tensions eased over Ukraine, suggesting a glimmer of hope for inflation pressures and household energy bills.

The price of gas for delivery in June fell 4.7% late yesterday, according to the so-called TTF Dutch contract, helped by milder weather across Europe.