Wednesday, 2 April 2025
Home Topics Transport Automotive US electricity and gasoline prices push up energy sector inflation
AutomotiveBusinessEconomyElectricityFuelTransmissionUtilities

US electricity and gasoline prices push up energy sector inflation

109
FILE PHOTO: A local resident walks by the power grid towers at Bair Island State Marine Park in Redwood City, California, United States, January 26, 2022. REUTERS/Carlos Barria/File Photo

NEW YORK – U.S. electricity and gasoline prices increased sharply in March, with electricity up 0.9% and gasoline up 1.7%, leading the energy sector to far outpace broader inflation for the month, according to Bureau of Labor Statistics data released on Wednesday.

Energy prices, which include electricity, gasoline, fuel oil and other power and oil-related goods and services, jumped by 1.1% last month compared to a 0.4% rise in the broader Consumer Price Index, BLS data showed.

For the last 12 months, energy prices were up 2.1%, lower than the overall 3.5% inflation. Gasoline gained 1.3% for the past year, while electricity jumped 5%.

Rapidly rising demand from data-intensive processing and manufacturing, coupled with lengthening delays to expand the country’s electrical grids with renewable power supply and transmission lines, have accelerated the rise in the country’s electric bills.

Gasoline prices have been propelled by rising crude oil costs and slowing U.S. oil refining activity that has resulted in tightening fuel supplies.

(Reporting by Laila Kearney; Editing by David Gregorio)

Related Articles

BusinessElectricitySolar

Trina Solar sets world record for solar technology

Increasing cell efficiency can help reduce the size needed for solar installations...

Climate FinanceElectricityOffshore WindPoliticsWind

Denmark disappointed after offshore wind tender draws no bids

Danish Energy Agency says it will consult with market participants to understand...

AnalysisBiofuelsCarbon ManagementElectricityGeothermalHydrogenOpinion

How will artificial intelligence transform energy innovation?

Commentary from the International Energy Agency: Artificial intelligence is an innovation that...

Login into your Account

Please login to like, dislike or bookmark this article.