Compared to the previous month of May, prices have fallen by an average of 1.3 percent, and compared to June 2023, energy prices have fallen by an average of 6.5 percent, according to the Energy Price Index (EPI) calculated by the Energy Agency. Prices for fuels, heating oil and electricity, however, are still above the previous year’s level.
Overall, prices remained at a significantly inflated level, the energy agency’s experts admit. Compared to pre-crisis levels (September 2021), end-customer prices for all energy sources listed 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.
Energy prices dampen overall inflation
At the moment, however, energy prices are significantly dampening overall inflation. “We are currently observing a sharp decline in the prices of wood pellets and firewood in general,” said Karina Knaus, head of the Center for Economics. It is normal for prices for these energy sources to fall over the summer months. “Currently, the price for a large purchase (6t) is again well below 300 euros per ton. We last saw prices like this in 2021,” said Knaus.
