Date uploaded: 2023-01-24 22:03:37
While price hikes for gas, furniture, electronics and clothes are slowing down after a long stretch of sharp gains, one costly item isn't expected to get cheaper anytime soon: electricity.
Economists say consumers should expect their electric bills to continue rising at a fast pace as liquified natural gas (LNG), a key fuel for generating electricity, remains in short supply in the U.S. and companies' operating costs rise.
Tighter supplies of LNG, which fuels more than one-third of Americans' electricity, have raised costs for consumers. LNG is scarcer because the U.S. is shipping record amounts to Europe to replace lost imports from Russia, which have dropped dramatically amid the war with Ukraine.
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