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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.
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