Energy prices for an average household increased in December 2024 for the second consecutive year. Compared to November, the costs increased by 0.5 percent. This inflation trend will probably continue this year.
Year-on-year, the costs fell by 12.1 percent because the prices for natural gas and firewood fell compared to December 2023, according to the Energy Agency in a press release. However, price increases are expected this year.
The higher prices for diesel (plus 1.1 percent), premium boundary (plus 0.9 percent) and domestic fire oil (plus 1.5 percent) ensured that the energy price index (EPI) rose in December.
Fuel costs would have a particularly strong impact on the PPI, since they are of great importance for average households.
Energy prices continue to rise
However, energy prices are still at a high level. Compared to the period before the crisis, the prices for district heating were 74.1 percent higher and 103.6 percent higher for natural gas. However, because many energy sources are cheaper than a year ago, according to the energy agency they had a damping effect on inflation.
However, households must expect that energy prices will continue to rise. “During the New Year’s Eve 2024/25, various state aid measures expired in Austria, including the brake on the electricity price, the reduction of electricity and natural gas taxes and the suspension of support costs for renewable energy,” said the energy agency. In addition, the network rates for electricity and gas rise.
“Consumers can actively lower their costs by identifying and replacing inefficient devices, changing energy-intensive habits and thus reducing their consumption,” says Lukas Zwieb, expert in the field of energy industry at the Energy Agency.
“Price comparisons, change supplier, produce electricity yourself or buy cheap electricity at sustainable energy communities also help,” says Zwieb.
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.
