Still expensive

Energy prices fell again in June

Household energy prices fell again in June, reaching their lowest level since December 2022. However, prices for fuel, heating oil and electricity are still higher than last year.

Compared to the previous month of May, prices have fallen by an average of 1.3%, and compared to June 2023, energy prices have fallen by an average of 6.5%, according to the Energy Price Index (EPI) calculated by the Energy Agency.

Prices remain at a high level
Overall, however, prices remain at a significantly higher level, admit the experts at the Energy Agency. Compared to pre-crisis levels (September 2021), end customer prices for all energy sources listed are well above historical values. Prices for natural gas were 142% higher in June 2024 than in September 2021, heating oil cost 50% more than in September 2021 and firewood almost 46% more.

However, energy prices are currently dampening overall inflation significantly. "We are currently seeing a sharp decline in the price of wood pellets and firewood in general," said Karina Knaus, Head of the Center for National Economy. It is common for the prices of these energy sources to fall over the summer months. "The price for a bulk purchase (6 tons) is currently well below 300 euros per ton again. The last time we saw prices like this was in 2021," says Knaus.