What the energy inflation rate measures
The CPI energy index covers the energy households buy directly: motor fuel (mostly gasoline), fuel oil and other household fuels, electricity and utility (piped) natural gas. Together they are roughly 6–7% of the CPI basket. The chart shows the change from a year earlier, not seasonally adjusted. Energy used to produce other goods, such as diesel in trucking, shows up in those goods’ prices instead.
How to read this chart
No other part of the CPI swings so widely: energy inflation can go from −20% to +40% within two years. Most of that comes from gasoline, which follows crude oil. Electricity and utility gas move more slowly because regulated rates adjust with a lag. Big moves in this line explain most of the gap between headline and core inflation.
The latest reading in context
- At 20.4%, the latest reading is above its 5-year average of 7.9% and above its 10-year average of 5.6%.
- That is higher than 92% of all monthly readings since January 1958 – near the top of its historical range.
- Direction: up 4.2 points over the past month; up 7.9 points over the past six months; up 17.6 points over the past year.
- The highest value on record is 47.1% (March 1980, 46 years ago); the lowest is −28.1% (July 2009, 17 years ago).
- The full history spans 10 US recessions, shaded grey on the chart.
Why it matters
Energy shocks have preceded several US recessions, and energy prices shape inflation expectations because consumers see them so often. Central banks usually “look through” energy swings that are expected to reverse, but a lasting rise can spill into transport fares, airline tickets, food and other prices and make inflation harder to bring down.
What moves the energy inflation rate
- Crude oil prices, through gasoline and fuel oil
- Natural gas prices, through utility gas and electricity generation
- Refinery capacity, outages and seasonal fuel blends
- Weather: heating and cooling demand
- Power grid and transmission costs passed into regulated rates
Key moments in its history
- 1974 and 1979–1980Rose more than 30% a year during the two oil shocks.
- 1986Fell sharply when oil prices collapsed.
- 2009Dropped nearly 30% from a year earlier after the 2008 oil spike.
- Jun 2022Rose 41.6%, the largest increase since 1980.
Energy Inflation data tables
Average by decade
| Decade | Average | High | Low |
|---|---|---|---|
| 2020s (so far) | 6.4% | 41.6% | −18.9% |
| 2010s | 1.6% | 21.5% | −19.6% |
| 2000s | 7.1% | 34.8% | −28.1% |
| 1990s | 1.4% | 19.0% | −9.8% |
| 1980s | 4.4% | 47.1% | −19.7% |
| 1970s | 10.5% | 37.5% | 1.2% |
| 1960s | 1.3% | 4.2% | −2.2% |
| 1950s | 1.0% | 4.7% | −0.9% |
Last 12 months
| Period | Value | Change |
|---|---|---|
| Sep 2026 | 20.4% | +4.2 pts |
| Aug 2026 | 16.3% | +1.5 pts |
| Jul 2026 | 14.7% | −1.0 pts |
| Jun 2026 | 15.7% | −7.8 pts |
| May 2026 | 23.5% | +5.7 pts |
| Apr 2026 | 17.9% | +5.3 pts |
| Mar 2026 | 12.5% | +12.1 pts |
| Feb 2026 | 0.5% | +0.6 pts |
| Jan 2026 | −0.1% | −2.4 pts |
| Dec 2025 | 2.3% | −1.9 pts |
| Nov 2025 | 4.2% | |
| Oct 2025 | n/a | not published |
Monthly values. Decade figures are averages of the monthly values in each decade. The complete history is available as a CSV file.
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Energy Inflation: questions and answers
How much of the CPI is energy?
Around 6–7% of the basket, split between motor fuel and household energy such as electricity and natural gas. The share changes with prices.
Why is energy excluded from core inflation?
Its prices swing with oil and gas markets, weather and geopolitics, and those swings often reverse. Excluding them shows the underlying trend more clearly.
Does energy inflation include diesel and jet fuel?
Only fuel bought by households. Diesel used by trucks and jet fuel used by airlines reach the CPI indirectly, through freight costs and airfares.
Where does the data on this chart come from?
From the U.S. Bureau of Labor Statistics. ChartWidgets downloads the series (CPIENGNS) from FRED, the Federal Reserve Bank of St. Louis database, and checks for new releases every day. The last update was on November 1, 2026.