Household energy prices in Austria continued to fall in August, with a drop of 1.9% compared to July, marking the eleventh consecutive month of decline, according to the latest data from the Energy Agency’s Energy Price Index (EPI).

The most significant price reductions were seen in heating oil and fuels. Over the past year, household energy prices have fallen by 11.5%, helping to ease overall inflation.

The Energy Agency has advised households to review their energy contracts and compare them with current market offers. While electricity and natural gas prices are falling, they haven’t dropped as much as wholesale market trends would suggest. “In many cases, a price comparison could lead to savings,” said energy expert Lukas Zwieb.

Gas prices dipped slightly in August, down 0.3% from the previous month, and have dropped by 25% over the past year, though they remain high in the longer term. Electricity prices were down by 0.8% month-on-month, but up by 4.4% compared to August last year. District heating prices remained steady in August, but have fallen by 10.4% year-on-year.

Petrol and diesel prices also fell in August, by 2.8% and 2.9%, respectively, with year-on-year declines of 6% for petrol and 5.3% for diesel. Heating oil became cheaper as well, and the Energy Agency expects this downward trend to continue into September and October. “With the worsening economic outlook, crude oil and its products – diesel, heating oil, and petrol – are seeing further price drops,” said Zwieb.

Wood pellet and firewood prices also fell, with decreases of 21.1% and 9.8%, respectively, over the past year.