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Electricity prices have jumped more than twice as fast as overall inflation in the last year, according to the Bureau of ...
Electricity prices have climbed twice as fast as the overall cost of living in the last year, according to a recent Consumer Price Index report.
The BLS highlighted in the release that the energy index increased 2.1 percent, the gasoline index rose 1.3 percent, and the electricity index increased 5.0 percent over the past 12 months.
Over the last 12 months the CPI has headed 1.6% higher, fueled primarily by a 2.1% jump in the energy index as well as a 2.6% increase in the shelter index and a 2.5% bump for medical care services.
Meanwhile, core CPI that excludes food and energy rose 0.2% in April, following a 0.1% increase in March. At the same time, core inflation rose 2.8% for the 12 months ending April.
According to the Bureau of Labor Statistics, the headline figure for the Consumer Price Index was at 2.3% year-over-year, down from 2.4% in March and lower than the expected 2.4% growth.
Seeking Alpha The energy services index rose by 1.5% in April and will likely increase again in the upcoming report. Electricity prices, which rose by 0.8%, benefit from strong demand.
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