US energy inflation is accelerating:

CPI energy prices jumped +4.2% YoY in November, the fastest pace since February 2023.

This marks the 2nd-consecutive acceleration, following a +2.8% YoY increase in September.

The surge was driven by fuel oil, electricity, and utility gas services, with prices up +11.3%, +6.9%, and +9.1%, respectively.

As a result, the index of average US energy prices is up to 284.2 points, the highest level since May 2024.

Energy prices are now +58% above 2020 pandemic levels but remain -14% below the June 2022 all-time high.

Energy inflation pressures are building again.