Finance

Gas, petrol, groceries: hundreds or even thousands of euros more expensive

Let’s start with the sourest prospect: energy prices. Both electricity and gas have become spectacularly more expensive in recent months.

Electricity has become about 10 percent more expensive so far this year. That saves an average household a hundred euros per year.

Gas price exploded

It is much worse with the gas price. Due to impending shortages, gas has risen enormously in price in a short period of time. The average price for supplied gas has already risen by 15 percent this year. In September, households paid an average of 93 cents per cubic meter.

With average use, the consumer is more than 200 euros more expensive based on the prices in September than a year earlier, calculated the Ministry of Economic Affairs. But beware, those numbers can be quite skewed.

Because they are based on the average price that is currently being paid. You don’t buy anything for that if you now have to conclude a new contract or are presented with a new variable rate. The new variable rates will probably be announced by the major companies in a month’s time, but the fixed rates for new contracts already provide a frightening insight.

Almost 1600 euros more

If you now want to fix your gas price for 1 year, you pay 1.70 to 1.82 euros per cubic meter at Essent and Vattenfall. That 1.82 is 140 percent more than the average price in June last year.

Sit down before reading the next sentence. With a fairly average consumption of 1500 cubic meters of gas per year, you are then 1590 euros more expensive than a year earlier. Vattenfall advises its customers not to fix the price for a year at the moment. You can do that better when the prices have dropped again.

The bad news is that it doesn’t stop with rising energy prices, the good news is that we’ve got the worst out of the way now.

To fuel? Duration!

Fuel for the car has also become more expensive at a rapid pace. For a liter of euro unleaded you now pay 1.94 euros. That is 50 cents per liter more than in May last year, when the crisis sent oil prices to a low point.

On a full tank of 40 liters, that saves you 20 euros. Suppose you empty one every week, then that will cost you 1040 euros more per year.

Food then. That’s actually great, for now anyway. The price of foodstuffs in September was exactly the same as a year earlier, according to figures from Statistics Netherlands.

Outlook not favourable

Unfortunately, the outlook on this front is less rosy. The prices of raw materials for food, such as grain, cocoa, coffee beans and soy, have risen sharply. We expect that we will also notice this seriously at the checkout.

The sharply increased gas prices will probably also push up food prices, for example because vegetable growers pass on their higher energy bills to you. It’s a bit of coffee grounds, but consumers could easily lose hundreds of euros more next year.

According to the University of Wageningen, an average household spends about 5330 euros on drinks and food. An increase of 5 percent next year – and that is certainly not inconceivable – will result in an additional 260 euros per year in extra costs.

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