Since 2020, gas and lubricant costs for private transport within the EU have proven vital volatility. Annual inflation charges have been detrimental in Could 2020 (-19.5%) however began to extend steeply in 2021, reaching +33.4% in November that 12 months. The height arrived in June 2022 (+39.2%) and after that, it began to decelerate, turning detrimental in 2023. These variations mirrored the impression of the COVID-19 pandemic and the Russian invasion of Ukraine.
In June 2023, the inflation fee for gas and lubricants was at a low of -15.7%, however volatility has turn into much less pronounced in current months with smaller month-to-month worth variations. This has been the case in 2024. In August 2024, costs of gas and lubricant have been 6.1% decrease than in August 2023.
Supply dataset: prc_hicp_manr
Trying particularly at diesel and petrol since 2020, information reveals that costs final August have been 7.4% and 5.5% decrease than in the identical month final 12 months, respectively. Since 2020, the very best improve in costs have been noticed in June 2022, +45.2% for diesel and +35.7% for petrol. Whereas the value will increase of diesel have been typically decrease than these of petrol, diesel costs went up sooner than petrol costs from September 2021 to March 2023. From this month onwards, diesel costs will increase remained beneath these of petrol, nonetheless the scenario reversed once more in June, July and August this 12 months.
Most EU nations report detrimental inflation charges for fuels and lubricants
In August 2024, 24 EU nations reported detrimental annual charges of change or decrease costs than the identical month final 12 months. Sweden (-20.7%) reported the very best drop, adopted by Belgium (-8.9%) and Slovakia (-8.4%). In the meantime, Switzerland (-2.4%), Slovenia (-2.0%) and Poland (-1.7%) registered the smallest decreases. Costs in Malta remained with out change, and Romania (+2.4%) and Eire (+4.0%) skilled a rise within the annual fee of change.
Supply dataset: prc_hicp_manr
For extra info
- Thematic part on harmonized indices of shopper costs (HICP)
- Database on harmonized indices of shopper costs (HICP)
Methodological notes
- This info was obtained from the harmonized index of shopper costs (HICP), which is principally used to measure inflation.
- Costs in Malta have been regulated since 2020.
- The ECOICOP code used for this text is: