Inflation, rising energy costs could squeeze U.S. families
Americans have their hands full right now. The COVID pandemic has made a major resurgence. And at the same time, inflation just hit 7 percent—the highest rate in 40 years. Some of the toughest increases are happening in energy costs. In December, gasoline prices were up roughly 50 percent from a year ago. And the price of natural gas nearly doubled in 2021, driving up heating costs and power bills. As bad as things are, they could be worse. Energy prices in Europe have exploded, and European households are now paying 54 percent more for their electricity than two years ago—even ...