Consumer Price Index: How Much More Did Gas & Electric Cost You in May?
The U.S. Bureau of Statistics released the Consumer Price Index for May 2022 on Friday, June 10, 2022, with prices across the board rising 8.6% in the past 12 months, not seasonally adjusted. The CPI increased 1.0% in May on a seasonally adjusted basis after rising 0.3% in April.
After declining in April, the energy index rose by 3.9% over the month of May with the gasoline index rising by 4.1%. Over the last 12 months, the energy index has risen by 4.6%, the largest 12-month increase since the period ending September 2005, says the U.S. Bureau of Statistics.
According to AAA, the national average for a gallon of unleaded gasoline was $4.976 as of June 10, up 61 cents from a month ago. The state with the highest price is California, where gas is averaging $6.42 per gallon. CNN reported that as of June 7, 29% of the nation’s 130,000 gas stations were selling gas for more than $5 a gallon.
As we head into the summer months, demand for gasoline and electricity will only get higher and the national average for gas could be closer to $6 later this summer, CNN noted.
Summer is also the most expensive time of the year for power bills. While prices vary by region, Fortune says that some consumers could be spending 45% more. The indexes for natural gas and electricity increased by 8.0% and 1.3% respectively.
Electricity prices aren’t expected to drop anytime soon. Power companies are upgrading and repairing grids to better protect against natural disasters, Fortune reported, and those costs are being passed along to the consumer.
More From GOBankingRates