European energy crisis (2022)
Russia's invasion of Ukraine in February 2022 sent European gas and electricity prices soaring. Eurozone inflation climbed from about 5% in January to a record 10.6% in October, with energy as the main driver.
The European Central Bank began its fastest rate-hiking cycle on record, lifting its deposit rate from -0.5% to 4% in just over a year.
Inflation eased through 2023 as energy prices fell, but the crisis accelerated Europe's shift away from Russian gas.
Like today's Portuguese inflation, the 2022 surge was driven by energy costs tied to a war, and it showed how long such spikes can persist before easing.
