US Energy Inflation Highest Since 2022

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.

Energy prices in the US climbed by 2.8% year-on-year in September 2025, the steepest increase since May 2024, after a 0.2% rise in the prior month. Fuel oil prices rebounded sharply (4.1% vs. -0.5% in August), while increases for utility piped gas (11.7% vs. 13.8%) and electricity (5.1% vs. 6.2%) remained strong. Meanwhile, gasoline prices edged down just 0.5%, compared with a 6.6% drop previously, indicating a sharp slowdown in the pace of decline. On a monthly basis, energy prices advanced by 1.5%, following a 0.7% increase in the prior month.