In Q2 2022, 1.34 percent of consumer expenditures were on electricity. That’s one and a third percent.
How about we express this as a fraction? One-seventy-fifth of what consumers spent was for electricity.
Historically, 1.34 percent is fairly moderate. Over the last ten years, electricity’s percentage of Q2 consumer expenditures was 1.40 percent or more from the year 2013 through 2016. In 2017 and 2018 it dipped to 1.36 percent and 1.34 percent respectively.
On July 28, the Commerce Department published the Gross Domestic Product data for the second quarter. This key economic indicator tells us, among other things, where we are with respect to utility expenditures.
Overall consumer expenditures, nationwide, were up 8.4 percent year-over-year in Q2. Expenditures on consumer goods were up 6.4 percent. But on consumer services they were up 9.5 percent.
Our Special Issue on the State and Future of Power is now available to read online.
Features include:
Minerals Critical to Power’s Future, NARUC Executive Committee Member Looks Forward, Incredible Innovation in New Nuclear
General Motors’ Michael Maten, Dominion Energy’s Alex Moyes, Center for Strategic & International Studies’ Jane Nakano, U.S. Energy Department’s Grant Bromhal. Washington Utilities and Transportation Commission’s Ann Rendahl.
June 10's Consumer Price Index data delivered more inflation news.
Consumer prices were up 8.6 percent year-over-year. The CPI's component for electricity was up 12.0 percent.
While the CPI increase was not much different across the country's four census regions, the electricity component's increase was. The why is obvious as you shall see below.
The CPI was up 7.5 percent in the northeast, 8.8 percent in the midwest, 9.2 percent in the south, and 8.3 percent in the west. That averages 8.6 percent as we said, appropriately weighting the four regions.