Consumer Price Index April 2022: How Much More Did Gas & Electric Cost You?
The U.S. Bureau of Statistics released the Consumer Price Index for April 2022 on Wednesday, May 11, 2022, revealing that inflation overall continues, with prices across the board rising 8.3% in the past 12 months, not seasonally adjusted. The CPI increased 0.3% since March 2022.
The good news is that energy represented one of the few categories where prices actually declined in April, falling 2.7% after a spike of 11% in March. While Americans are still feeling the crunch at the gas pumps, gasoline prices fell 6.1% in April after rising 18.3% in March.
As President Joe Biden released oil from the nation’s Strategic Petroleum Preserve, and, as Russia and Ukraine began peace talks, gasoline prices dropped. Those barrels of oil will be delivered in May and June, according to a Fact Sheet published by WhiteHouse.gov, which could mean falling prices at the pump. However, May is already seeing record-level gas prices and increased travel during the upcoming summer months, which bring an increased demand for gasoline, could offset some of April’s price drops.
Gasoline prices were the only energy source to fall in April. The indexes for natural gas and electricity increased by 3.1% and 0.7% respectively.
Don’t be fooled by this momentary reprieve — energy prices are still higher across the board than they were 12 months ago, with the energy index up a whopping 30.3% in the past 12 months. The gasoline index has risen 43.6% since April 2021, while the fuel oil index is up 80.5%. Electricity costs have increased 11% and natural gas has increased 22.7%, according to the BLS report.
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