Respite for businesses and households as gas prices take breather

European wholesale gas prices retreated after settling at a record high on Monday.

European wholesale gas prices are taking a breather amid further signs that soaring energy costs are crippling economic output, heaping pressure on politicians to resolve the crisis with winter just a few months away.

Prices retreated after settling at a record high on Monday. Prices are still about six times higher than they were at this time last year, with the panic spreading across nations ahead of peak winter demand.