Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

US electricity and gasoline prices push up energy sector inflation

Published 11/04/2024, 05:19 am
Updated 11/04/2024, 05:24 am
© Reuters. 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 (Reuters) - 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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.