August statistics

Energy prices for households fall significantly again

(Bild: ©Evgen - stock.adobe.com)

Energy prices for households also fell significantly in August. Compared to the previous month of July, prices fell by 1.9%, marking the eleventh consecutive month of decline, according to the Energy Agency with reference to its Energy Price Index (EPI).

Price reductions were mainly seen in heating oil and fuels. Year-on-year, household energy prices were 11.5 percent lower, thus continuing to dampen general inflation.

Tip: Check contracts, compare offers
The Energy Agency recommends that household customers review their energy contracts and compare them with current offers, as electricity and natural gas are indeed becoming cheaper, but to a lesser extent than developments on the wholesale markets would suggest. By comparing prices, "potential savings can be made in many cases", said energy industry expert Lukas Zwieb.

Sharp year-on-year price falls
Gas prices fell slightly by 0.3 percent month-on-month and by a quarter (25.0 percent) year-on-year, but remain at a high level in the long term. Electricity prices were 0.8% cheaper than in the previous month, although they were up 4.4% year-on-year. Prices for district heating remained stable in August, but also fell by 10.4% year-on-year.

Petrol, diesel and heating oil became cheaper
Super petrol and diesel cost 2.8% and 2.9% less in August compared to the previous month, with prices falling by 6% and 5.3% respectively compared to August 2023. Heating oil was also cheaper again. The Energy Agency expects the trend to continue this year in September and October. "With the deterioration in the general economic situation, prices for crude oil and the downstream products diesel, heating oil and premium petrol are continuing to fall significantly," says Zwieb.

Prices for wood pellets and firewood also fell in August, with fuels 21.1 and 9.8 percent cheaper year-on-year respectively.