Utility Bills Are Climbing Much Faster Than Inflation, BofA Says

Utility bills in the US are rising much faster than the official inflation figures might suggest, a trend that may push households to pare spending on other goods and services, according to research by the Bank of America Institute.

Using internal deposit data from BofA accounts, the study found that the median utility bill payment rose 6% in January from a year earlier. That’s more than double the 2.5% inflation rate for energy services in the Consumer Price Index released by the Bureau of Labor Statistics.