China's decision to reopen its economy will increase inflation in Europe as they both compete for more energy, the president of the European Central Bank said Friday.
China's reopening is "something that will be a positive for China mostly, something that will be a positive for the rest of the world, but we will have inflationary pressure on many of us, simply because the level of energy that was consumed by China last year was certainly less than what they will consume this year, the amount of LNG [liquefied natural gas] that [they] will be buying from the rest of the world will be higher than what we have seen and there is not so much spare...
The International Energy Agency has warned that European companies might face higher costs when looking to purchase natural gas this year as there will be more competition for the commodity.
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