Household energy prices fell for the tenth consecutive month in July. Compared to June, they fell by 0.3 percent. Natural gas prices fell by 6.9 percent month-on-month. District heating became 0.5 percent cheaper.
The price level was 14 percent below the historical peak of October 2022, but still significantly higher than before the crisis. According to the Energy Agency, energy prices had a dampening effect on the general level of inflation.
Diesel prices rose
However, prices at the pumps have been rising recently. Diesel prices were up 1.8 percent from June, and premium gasoline prices were up 0.9 percent. A similar picture emerges for heating oil, which rose 1.9 percent month-on-month. Year-on-year growth is 7.2 percent.
A decline can be seen particularly in line-based energy sources, mainly because electricity has also become slightly cheaper compared to the previous month (minus 0.4 percent).
“Compared to petroleum-based energy sources such as fuels and heating oil, changes in wholesale prices for these energy sources are passed on to end customers somewhat delayed or at a lower rate. This phenomenon can be explained by the delivery conditions contractually agreed between customers and suppliers,” says Lukas Zwieb, energy market expert at the Energy Agency.
He advises consumers to check their supply contracts, especially for natural gas and electricity. However, when choosing a new contract, special attention should be paid to the terms of discounts and special offers, as these are often only valid for a limited period.
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.
