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Energy Prices No Longer Rising

To put recent changes in gasoline prices into perspective, during the first week of May 2011, prices at the pump averaged just under $4 per gallon. As recently as December 2010, pump prices were less than $3 per gallon and $2.70 per gallon in September 2010. Photo Credit NAHB

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Perhaps the best news in this month's Consumer Price Index report was an end to the upward march in energy prices. CPI for energy fell 1 percent in May, ending 10 months of strong growth that yielded a 21.5 percent year-over-year gain.

Gasoline prices, which had been driving this strong growth, fell 2 percent in May. However, price levels at the pump remain 36.2 percent above their year-ago level, averaging $3.71 per gallon nationally (Department of Energy).

Department of Energy expects gasoline prices to shift down, but remain above $3.50 per gallon over the remainder of the year, before climbing again in early 2012. Although gasoline prices will remain at a high level, the moderate decline should help to stabilize CPI over the remainder of 2011.

- Courtesy of NAHB

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December 6, 2019, 12:36 pm PDT

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