Energy prices for households also fell sharply in August. Compared to the previous month of July, prices fell by 1.9 percent for the eleventh month in a row, the energy agency announced based on its energy price index (EPI).
There were mainly price reductions for heating oil and fuel. On an annual basis, household energy prices were 11.5 percent lower, which would have further dampened headline inflation.
Tip: Check contracts, compare offers
The Energy Agency advises domestic customers to check their energy contracts and compare them with current offers, as electricity and natural gas would be cheaper, but to a lesser extent than developments on the wholesale markets would suggest. With a price comparison, “in many cases the savings potential can be taken advantage of,” says energy industry expert Lukas Zwieb.
Price drops sharply year-on-year
Gas prices showed a slight decline of 0.3 percent on a monthly basis; prices fell by a quarter (25.0 percent), but in the long term they remain at a high level. Electricity was 0.8 percent cheaper compared to the previous month, but there was an increase of 4.4 percent year-on-year. District heating prices remained at a stable level in August, but there was also an annual price decrease of 10.4 percent.
Petrol, diesel and heating oil became cheaper
Premium petrol and diesel cost 2.8 and 2.9 percent less in August than the month before compared to August 2023, the price drop was 6 and 5.3 percent respectively; Heating oil also became cheaper again. The energy agency expects the trend to continue in September and October this year. “As the general economic situation deteriorates, prices for crude oil and its resulting products diesel, heating oil and premium gasoline continue to decline significantly,” Zwieb said.
Prices for wood pellets and firewood also fell in August; fuels were 21.1 and 9.8 percent cheaper respectively.
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.
