(ConservativeFreePress.com) – On Tuesday, the new Consumer Price Index (CPI) by the Labor Department found that in March there was a 0.4 percent increase in costs, which was heavily influenced by the housing and gas costs. The increase when compared to last year of 3.5 percent is higher than the one predicted by economists, while oil prices are now at a five-month-high.
Bankrate chief financial analyst Greg McBride pointed out that there was currently no improvement and that they were heading in the wrong direction. He continued by saying that the same trouble areas, car and housing costs, and services continue but that over the past year, there has been a 5 percent increase in electricity, and that in March the increase was at 0.9 percent.
The inflation numbers released on Tuesday further highlight how inflation has affected energy consumers over the last few years. As of March, the overall cost of energy has increased by 36.9 percent when compared to January 2021. In March 2024 the electricity cost increased to $0.17 per kilowatt-hour, while in January 2021 the cost was $0.14. This marks an increase of 28 percent.
In terms of gas prices, all drivers noticed the exorbitantly high prices in 2022, following the invasion of Ukraine from Russia which disrupted oil production internationally. Overall gas price continues to be 52.1 percent more expensive today when compared to when Biden first took office. In January 2021 the average price per gallon had been a $2.38 while now it has climbed to $3.62.
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