Household energy prices well below inflation for the first time in June

2023-07-31 05:01:10

In a year-on-year comparison, energy prices for domestic households were well below inflation for the first time, with a plus of 4.3 percent, according to the Energy Price Index (EPI) calculated by the Energy Agency. All in all, we can look to the future with cautious optimism. A relaxation compared to June 2022 was particularly evident at the petrol pumps and for those who heat with heating oil. Diesel (-24 percent), premium petrol (-22 percent) and heating oil (-29 percent) were significantly cheaper in a year-on-year comparison. All other energy sources were still much more expensive than a year ago.

Household gas prices were 82 percent higher than in June 2022. In a two-year comparison, natural gas was three times more expensive than in June 2021. Household electricity prices were 10 percent higher than a year earlier. Firewood (+28 percent), district heating (+90 percent) and wood pellets (+4 percent) also rose sharply in year-on-year comparison. According to the energy agency, the jumps in prices for all energy sources were even clearer in a two-year comparison: on average, energy prices were more than 50 percent higher.

Nevertheless, according to the Energy Agency, there is a trend towards slight price declines. Compared to May, the prices for firewood (-9 percent), electricity (-1.2 percent), gas (-0.9 percent) and heating oil (-0.3 percent) fell. Household prices for district heating remained unchanged compared to the previous month. Diesel prices rose slightly in June by 0.2 percent compared to May, and premium petrol (+0.8 percent) and wood pellets (+0.6 percent) also rose slightly.