Austrian households again had to dig deeper for energy in July. Electricity and heating costs almost 50 percent more than in the same month last year. Heating oil, wood pellets and firewood in particular became more expensive, while electricity price increases were moderate. Fuel and heating oil, but also wood pellets and firewood became noticeably more expensive. Energy prices therefore remained the main drivers of inflation.
Household energy prices rose by 48.8 percent year-on-year, 4.8 percent more than in June. According to the Energy Agency, prices for all energy sources included in the Energy Price Index (EPI) have increased.
Electricity prices will rise sharply soon
Despite the tense situation in the wholesale markets, electricity prices rose relatively moderately compared to July last year thanks to the emergency measures. The Energy Agency referred to the abolition of the cost of green electricity, the reduction of electricity tariffs and the compensation of energy costs. However, many energy suppliers have recently announced or implemented price increases. The Energy Agency therefore expects sharp price increases for households in September.
Fuel and heating oil more expensive
Premium petrol cost 58.7 percent more in July than the same month last year, compared to June the price rose by 2.3 percent. On average, Austrians had to spend more than 100 euros for a tank of fuel (50 litres), which was 40 euros more than in the previous year.
Diesel was 66.4 percent more expensive compared to July 2021, compared to June there was a price increase of 3.5 percent. Meanwhile, the price of heating oil has more than doubled year on year (plus 108.5 percent).
Electricity costs also made pellets and wood more expensive
The Energy Agency noted sharp price increases for wood pellets and firewood in July. Pellets rose in price by 75.2 percent year-on-year, compared to June, the price increase was 15.4 percent. The reason for the increase is the higher costs for fuel and electricity, which are now also reflected in the production of pellets.
Firewood cost 50 percent more year-over-year, while prices rose 13.4 percent month-over-month. This is also due to the increased demand, while at the same time there is no export from Russia.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
