Heating costs in the United States might rise by 54%, especially for propane and natural gas.
Staying warm this winter in the nation, as well as most other consumer expenses, will be more expensive this year as the price of heating oil, natural gas, and other fuels rises.
The federal government announced on Wednesday that heating bills will rise by up to 54 percent this winter compared to last, with the highest hikes expected for homes that use propane, which accounts for around 5% of all families in the United States.
Additionally, natural gas users, who make up nearly half of all American families, might face bills of more than $740 this winter, a 30% increase from the same time last year. As a result, this winter may be the most costly since 2008-2009.
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Electricity is the second most common heating source for homes, accounting for 41% of the country’s population, and these households could face a relatively moderate 6% hike to $1,268. Heating oil users, who account for 4% of the country’s population, may see their costs rise by 43%, or more than $500, to $1,734.
This winter is expected to be somewhat cooler than previous year across the country. As a result, they will likely waste much more fuel to stay warm, while also paying more for each unit. Heating expenditures may be more than expected if the winter turns out to be even colder than predicted, and vice versa.
The latest reminder of increased inflation ripping through the global economy comes from the US Energy Information Administration’s prediction. A separate government survey released earlier Wednesday showed that consumer prices in September were 5.4 percent higher than a year ago. As a resurgent economy and clogged supply chains drive up prices for everything from autos to groceries, this is the highest inflation since 2008.
The increased prices impacted practically every household, with most workers’ wages not keeping pace with inflation thus far. Workers’ average hourly earnings increased by 4.6 percent last month compared to a year ago.
However, the cost of heating will increase. This is a condensed version of the information.