The U.S. Labor Department announced an increase to 6.2% in October 2021 for United States inflation rate. This was the highest increase in inflation since November of 1990 and it was above forecasts of 5.8%.
Below is a table that shows the monthly inflation rates for 2021. You can view a table from the usinflationcalculator.com with the annual inflation rates by month and year going back to 2000.
Figure 2. Coin News Media Group LLC. (n.d.). Chart: Annual Inflation Rates by Month and Year. US Inflation Calculator. Retrieved November 10, 2021, from https://www.usinflationcalculator.com/inflation/current-inflation-rates/.
Why is this so important to energy prices?
Energy costs recording the biggest inflation gain of 30% versus 24.8% in September 2021. The gasoline increase was 49.6%.
How do you mitigate the risk of rising energy prices?
Consider natural gas and electric rates now! That goes for consumers with supply agreements expiring in 2022 and beyond. Consumers in electric and/or natural gas deregulated states are locked in their generation and transmission rates going out into 2028, depending on the product and utility, in order to mitigate the risk of rising energy prices.
Call Muirfield Energy at 888-370-8898 today to assist you in mitigating your energy costs.