Energy prices are still a decisive factor for the high general price level in Austria. They have now fallen for the third month in a row. Prices for firewood and wood pellets in particular have fallen, but the trend is slightly different for gasoline, the energy agency reports. Overall, energy prices remain high.
Compared to the previous year, energy prices fell by 5.3 percent and were down 0.1 percent from March. “Energy prices – especially fuelwood including wood pellets, natural gas and district heating – continue to have a strong dampening effect on general inflation. However, it must be taken into account that these energy sources have increased particularly sharply in the crisis years 2022 and 2023,” the energy agency said in a press release. The energy price level is still a determining factor for the high general price level.
Prices well above April 2021 levels
“In a three-year comparison, the end-customer prices of all energy sources mentioned are well above the level of April 2021,” the Austrian Energy Agency calculates based on data from Statistics Austria. For office expert Karina Knaus, this means: “From a current perspective, we expect that the falling wholesale prices will be passed on in the end customer prices for district heating, natural gas and electricity at least until the end of the year. ”
Fuel prices significantly higher than last year
Broken down by individual energy sources, prices developed as follows in April: Compared to the previous month of March, the price of premium petrol rose by 4.2 percent, while diesel drivers paid the same as a month earlier. Compared to a year earlier, diesel with a plus of 6.2 percent and premium gasoline with a plus of 4.1 percent are considerably above last year’s level. Heating oil cost about 0.6 percent less in April this year than in March, making it 4.8 percent higher than the price in 2023.
Electricity and heating are slightly cheaper again
Household prices for district heating remained unchanged compared to the previous month. They were down 17.3 percent year-over-year. Household gas prices fell by 2.4 percent in April 2024 compared to March. Year-on-year, gas prices were 13.0 percent below their April 2023 value.
Electricity prices for households fell by 1.3 percent on a monthly basis. On an annual basis they were 3.1 percent higher. Compared to March 2024, wood pellet prices fell by 4.6 percent in April this year. Compared to the previous year, they were 13.4 percent cheaper.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
