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Electricity prices jumped more than double that of inflation last year, consumer index shows

Prices projected to rise significantly less in near future.

Published: January 21, 2023 12:15pm

Updated: January 21, 2023 12:18pm

Prices for electricity in the United States soared well above overall inflationary levels last year, putting an added squeeze on consumers already reeling from significantly inflated costs of most consumer goods.

The Consumer Price Index Summary released by the U.S. Bureau of Labor Statistics this month showed the 12-month average price of electricity last month jumping a whopping 14.3%, more than double the 6.5% of overall price increases. 

Gas prices jumped even higher, showing a 19.3% increase year-over-year. Energy services overall were up more than 15%. 

Supply chain crises and economic strain after years of pandemic chaos drove much of the staggering price increases of the past 18 months. 

Interest rate hikes by the Federal Reserve also put a strain on the economy, with the central bank attempting to quell inflation with several rate raises throughout 2021.

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