Energy in November 26.3 percent more expensive than a year ago

Energy prices for domestic households were 26.3 percent higher in November than a year ago. The prices for fuel and heating oil continued to rise and were the main drivers of inflation: heating oil rose by 64.5 percent year-on-year, diesel cost 40.7 percent more than in November 2020 and premium gasoline by 35.8 percent, based on the energy price index (EPI) calculated by the Austrian Energy Agency.

Compared to the previous month of October, energy for households has increased by 2.7 percent. The general inflation rate was 0.7 percent in a month-on-month comparison and 4.3 percent in a year-on-year comparison, well above the European Central Bank’s target.

The prices for heating oil rose again by 2.8 percent within a month. A typical tank of 3,000 liters costs around 1,000 euros more than in November 2020 compared to the previous year. Diesel has become 4.4 percent more expensive within a month, and a tank of 50 liters in November cost around 20 euros more than a year ago . Premium gasoline prices rose 3.6 percent month-on-month. The prices for gas and wood pellets also rose by more than 4 percent in November compared to the previous month.

Gas was 4.1 percent more expensive in November than in October and 20.4 percent more than a year ago. The prices for district heating remained unchanged compared to the previous month and are 3.4 percent above the price level in November 2020. The electricity prices were increased by 0.4 percent within a month, electricity now costs 10.2 percent more than a year ago. Firewood has risen by 1.2 percent on a monthly basis and by 9.1 percent within a year.

Against the background of the record prices for electricity and natural gas on the wholesale markets, the changes in household prices in November seem very moderate, “says the scientific director of the Austrian Energy Agency, Herbert Lechner.” Many utilities have already announced price increases for the next few months, and some have already implemented them . The effect will only be seen in 2022. “Since the tariff adjustments will not take place at the same time and the renewables subsidy and subsidy will be suspended in the next year and the network charges will be increased, the effects on the EPI cannot yet be precisely quantified . “Overall, however, a further increase is to be expected. Because, unlike at the beginning of the year, there are no cheap offers to be found on the Mark, “says Lechner.

In the case of electricity and natural gas, however, there are signs of a slight easing on the crude oil markets. The prices on the international trading centers fell slightly again at the beginning of December. “The effect is hardly noticeable, but can already be seen at the pumps. The prices are currently two to three cents / liter below the November level. The massive price increases of the last few months will of course not be canceled out.”

(Editorial notes: GRAPHIC 1637-21, 88 x 112 mm) ivn / stf

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