Heating oil and fuels are significantly cheaper than a year ago, while electricity is more expensive. Energy prices had a slight dampening effect on inflation.
Household energy prices continued to fall in November, 8.3 percent lower than a year ago. Heating oil and fuels were significantly cheaper. There were also price decreases for gas, district heating, pellets and firewood. Electricity was more expensive, according to the energy price index calculated by the Austrian Energy Agency. Compared to October, household energy prices fell slightly by 0.1 percent.
Energy prices had a slightly dampening effect on general inflation. The consumer price index rose by 1.3 percent year-on-year in November – without taking energy price developments into account, the value would be 2 percent. “This illustrates the importance of the development of energy prices for the general price level and thus for the household budget of Austrians,” said Energy Agency managing director Peter Traupmann according to the press release. The month-on-month the CPI rose 0.2 percent.
Heating oil was almost a third (31 percent) cheaper in November than in the previous year. Compared to October 2020, however, heating oil rose slightly by 0.5 percent. In a year-on-year comparison, fuel also cost significantly less: diesel was 16.8 percent cheaper, premium gasoline by 15.2 percent. Compared to October, the diesel price remained unchanged, with premium gasoline being 1.1 percent cheaper.
The gas price fell by 2.1 percent compared to the same month last year. District heating was 1.6 percent cheaper.
Electricity rose by 5.0 percent. According to the Energy Agency, this increase is due in part to higher energy costs and higher network costs.
Households had to pay 0.9 percent less for wood pellets. Firewood cost 1.3 percent less.
Compared to October 2020, the prices for wood pellets and firewood were each 0.5 percent higher in November 2020. Electricity, gas and district heating remained unchanged.
