US Energy Inflation Soars in May 2022: Here's the Breakdown

Economics & Macro

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Viva Budy Kusnandar 14/06/2022 10:00 WIB

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According to the U.S. Bureau of Labor Statistics, energy inflation in the United States in May 2022 reached 3.9% (month-over-month) or 34.6% (year-over-year).

United States Energy Inflation Growth (May 2022)

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US Energy Inflation Soars in May 2022: Here's the Breakdown

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United States Energy Inflation Growth (May 2022)

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The continuous rise in global crude oil and natural gas prices has fueled energy inflation pressure in the United States.

According to the U.S. Bureau of Labor Statistics, energy inflation in the country reached 3.9% in May 2022 compared to April 2022 (month-to-month/m-to-m). Year-on-year (year-on-year/yoy), U.S. energy inflation grew by 34.6%.

This energy inflation comprises inflation in energy commodities and services categories.

U.S. energy commodity prices last month increased by 4.5% (m-to-m) or 50.3% (yoy).

This includes gasoline prices, which rose by 4.1% (m-to-m) or surged 48.7% (yoy). Similarly, fuel oil prices increased by 16.9% (m-to-m) or soared 106.7% (yoy).

The increase in U.S. energy services last month was 3% (m-to-m) or 16.2% (yoy).

This includes electricity prices, which rose by 1.3% (m-to-m) or 12% (yoy). Similarly, pipeline gas services increased by 8% (m-to-m) or 30.2% (yoy).

The price of WTI crude oil was at US$114.67 per barrel at the end of May 2022. This price increased by 11.39% (m-to-m) or reached 71.25% (yoy).

Meanwhile, the price of natural gas at the end of May was US$8.145 per MMBtu. This price increased by 12.44% (m-to-m) and surged 166.61% (yoy).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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US Energy Inflation Soars in May 2022: Here's the Breakdown

US Energy Inflation Soars in May 2022: Here's the Breakdown

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US Energy Inflation Soars in May 2022: Here's the Breakdown

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