Retail electricity prices, which have risen faster than the inflation rate since 2022, are expected to continue increasing this year and next, the Energy Information Administration (EIA) said in a May 14 statement.
Residential electricity prices are forecast to be 13 percent higher this year compared to 2022. This is higher than the 11 percent growth in overall inflation predicted during this period.
Meanwhile, the prices of residential natural gas, regular gasoline, and heating oil are forecast to be cheaper in 2025 than in 2022.
“Parts of the country with relatively high electricity prices may experience greater price increases than those with relatively low electricity prices,” said the agency….