US Energy Inflation Highest Since 2022

US energy inflation accelerated further to 23.5% year-over-year in May 2026, up from 17.9% in April and marking the sharpest annual increase since August 2022. The rise was driven by a 40.6% jump in energy commodities amid the Middle East conflict and ongoing disruptions in the Strait of Hormuz, with gasoline prices jumping 40.5% and fuel oil prices surging 58.9%. Energy services advanced 5.3%, led by a 5.9% increase in electricity costs and a 3.0% rise in piped gas service. On a monthly basis, energy prices advanced by 3.9%, after a 3.8% surge in the preceding month.

US energy inflation soared to 17.9% year-over-year in April 2026, up from 12.5% in March and marking the steepest annual increase since September 2022. The surge was driven by the Iran war and the closure of the Strait of Hormuz. Energy commodities spiked 29.2%, with gasoline prices up 28.4% and fuel oil rising 54.3%. Energy services also climbed 5.4%, led by a 6.1% increase in electricity costs and a 3.0% rise in piped gas service. On a monthly basis, energy prices jumped 3.8% in April, following a 10.9% surge in March.

Energy prices in the United States jumped by 12.5% year-on-year in March 2026, the sharpest increase since November 2022, after a 0.5% rise in the prior month. Main upward pressure came from prices of fuel oil (44.2% vs 6.2%) and gasoline (18.9% vs -5.6%), reflecting the impact of energy disruptions amid the Middle East crisis. Meanwhile, prices slowed for natural gas (6.4% vs 10.9%) and electricity (4.6% vs 4.8%). On a monthly basis, energy prices surged by 10.9%, after a 0.6% increase in the previous month.