Household energy prices fell again in June, reaching their lowest level since December 2022. However: Fuel, heating oil and electricity prices are still higher than last year.
Compared to the previous month of May, prices fell by an average of 1.3 percent; compared to June 2023, energy prices fell by an average of 6.5 percent, according to the energy price index (EPI) calculated by the Energy Agency.
Prices remain at a high level
Overall, prices remained at a significantly high level, the Energy Agency experts admit. Compared to pre-crisis levels (September 2021), end-customer prices for all energy sources mentioned are well above historical values. Natural gas prices were 142 percent higher in June 2024 than in September 2021. Heating oil cost 50 percent more than in September 2021, and firewood almost 46 percent more.
However, energy prices are currently significantly dampening overall inflation. “We are currently seeing a sharp drop in the prices of wood pellets and firewood in general,” says Karina Knaus, head of the Center for Economics. It is common for prices for these energy sources to fall during the summer months. “The price for a large purchase (6 tons) is currently well below 300 euros per ton. We last saw such prices in 2021,” says Knaus.
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.
