Electricity prices have soared 29.4% — 50% more than overall inflation — rising 13 times faster than the previous seven years

Electricity prices have soared 29.4% — 50% more than overall inflation — rising 13 times faster than the previous seven years, per WSJ.


Electricity prices have surged by 29.4%, which is 50% higher than the overall inflation rate, marking a significant increase compared to the previous seven years.

"We're not seeing any improvement here; we're heading in the wrong direction," said Greg McBride, chief financial analyst for Bankrate, in an interview with Fox Business.

"The usual areas of concern persist—shelter, motor vehicle insurance, maintenance and repair service costs. Now, we can add electricity to that list, which rose by 0.9% in March and 5% over the past year."

Fox Business reported that the overall cost of energy in March was a staggering 36.9% higher than it was in January 2021.

From January 2021 to the present, electricity prices have increased from $0.14 per kilowatt-hour to $0.17, representing a 28% jump, according to the report.

While gasoline prices have decreased from their peak in 2022, they are still 52.1% higher today than they were when Biden assumed the presidency, as reported by Fox Business.

Despite these increases, Biden's Inflation Reduction Act, one of his major legislative accomplishments, has allocated billions of dollars towards clean energy alternatives.

The 730-page act earmarked $369 billion for environmental projects, including grants for renewable energy companies and tax breaks for consumers.

"In passing that law, Joe Biden and his supporters hailed it as the largest green energy fund in history, but all it's resulted in so far is higher prices across the board," said Daniel Turner, founder and executive director for Power the Future, to Fox Business.