Electricity rates soar to yet another record level

Electricity rates soar to yet another record level

In contrast to the steep decline in the gasoline price index over the past year (which led to a decline in the overall Consumer Price Index), the seasonally adjusted electricity price index hit an all-time high in January, according to data released last week by the Bureau of Labor Statistics.

In January, the seasonally adjusted price index for electricity was 212.290. That was up from 210.489 in December, which was the record up until then. Before that, the high had been the 209.341 recorded in March of last year.

The annual electricity price index set a record in 2014 of 208.020 up from 200.750 in 2013.

In January, the average price for a kilowatthour (KWH) of electricity also hit an all-time high for that month of the year.

According to BLS, a KWH of electricity cost an average of 13.8 cents in January 2015, which was less than the 14.3-cent cost in June, July and August of 2014 (and 14.1-cent cost of September 2014) but more than the average cost of a KWH in any month—including the summer months—of 2013. In that year, the average price of a KWH peaked at 13.7 cents in the months from June to September.

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