Natural gas bills surged 33% in September from a year earlier. Inflation data shows electricity prices rose 15.5% last month.
By Naureen S Malik | Bloomberg
October 13, 2022 at 8:19 AM PDT
American households are enduring the longest streak of double-digit increases for monthly natural gas and electricity bills in decades, adding stress to cash-strapped budgets already hurt by widespread inflation, according to the US Bureau of Labor Statistics. Gas bills in September were about 33% higher than a year earlier to chalk up an 18th consecutive double-digit percentage gain, according to Labor Department data. That’s the longest streak in more than three decades, when a 58-month run of such gains ended in September 1983. Electric bills, which rose 15.5% last month, are on a seven-month streak of double-digit gains, the longest run in 16 years.
Soaring Energy Costs
Americans are facing longest streak in utility bill increases in decades. US heating bills are poised to be even costlier, given signs of soaring oil and natural gas prices and cooling temperatures ahead of winter along with disruptions exacerbated by a European energy crisis and Russia’s war in the Ukraine. Natural gas is the key fuel for many US power plants and homes that rely on oil for heat — such as in the Northeast — may be hit even harder by rising costs. Will 2023 bring the costs of living under control? Click here to participate in our survey.
Terms of Service Do Not Sell My Info (California) Trademarks Privacy Policy
©2022 Bloomberg L.P. All Rights Reserved