Oil and natural gas prices, which have been on the rise with geopolitical risks as well as the effects of the coronavirus, continue to increase the share of energy expenditures in the budgets of consumers around the world.
Despite the strong consumer demand that came with the effect of monetary incentives after the economic recovery in the US, the shortage in supply has shown to be the main reason for price increases, while energy and commodity prices, which increased because of the Russia-Ukraine war, stand out as the new reason for the rise in inflation.
Energy costs, which have increased with the effects of the, continue to be a driving force in inflation, which has reached a peak in more than 41 years, along with food prices, and continues to harm the budget of Americans.
The US Consumer Price Index (CPI) increased by 1.2% on a monthly basis and by 8.5% on an annual basis in March, the biggest increase since December 1981, according to the Department of Labor.
With the effect of the war, the increase in gasoline prices approached 50% and the energy index increased 11% on a monthly basis and increased by 32% on an annual basis.
Looking at the sub-items of energy, gasoline prices increased 18.3% on a monthly basis and 48% on an annual basis. The increase in fuel oil prices was 22.3% monthly and 70.1% annually.
Electricity prices increased 2.2% monthly and 11.1% annually.
The price of natural gas also increased 0.6% on a monthly basis and by 21.6% on an annual basis in March.
Source: Anadolu Agency