Thursday, June 15, 2023
Gasoline prices averaged $4.231 per gallon in the Chicago-Naperville-Elgin area in May 2023, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Jason Palmer noted that area gasoline prices were down 79.6 cents compared to May 2022, when they averaged $5.027 per gallon. Chicago area households paid an average of 17.8 cents per kilowatt-hour (kWh) of electricity in May 2023, up from the 15.9 cents per kilowatt-hour paid in May 2022. In May, the average cost of utility (piped) gas was $0.984 per therm, lower than the $1.634 per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)
The $4.231 per gallon Chicago area households paid for gasoline in May 2023 was 43.7 cents more than the nationwide average of $3.794. Over the past five Mays, gasoline prices in the Chicago area have ranged from 18.2 cents more to 43.7 cents more than the national average. (See chart 1.)
The 17.8 cents per kWh that Chicago area households paid for electricity in May 2023 was 7.9 percent more than the national average cost of 16.5 cents per kWh. In the previous five years during the month of May, electricity costs in the Chicago area were as much as 18.4 percent more than the national average. (See chart 2.)
Prices paid by Chicago area households for utility (piped) gas, commonly referred to as natural gas, were $0.984 per therm in May 2023, 29.0 percent less than the national average of $1.385 per therm. Utility (piped) gas prices in the Chicago area have ranged from 4.4 percent more to 29.0 percent less than national average over the previous five Mays. (See chart 3.)
The Chicago-Naperville-Elgin, IL-IN-WI Core Based Statistical Area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will Counties in Illinois; Jasper, Lake, Newton, and Porter Counties in Indiana; and Kenosha County in Wisconsin.
Historical average energy prices for the U.S. and select metropolitan areas are available at www.bls.gov/regions/midwest/data/averageenergyprices_selectedareas_table.htm.
The Consumer Price Index for June 2023 is scheduled to be released on Wednesday, July 12, 2023.
Average prices are estimated from Consumer Price Index (CPI) data for selected commodity series to support the research and analytic needs of CPI data users. Average prices for electricity, utility (piped) gas, and gasoline are published monthly for the U.S. city average, the 4 regions, 9 divisions, 2 population size classes, 8 region/size-class cross-classifications, and the 23 largest local index areas. For electricity, average prices per kilowatt-hour (kWh) are published. For utility (piped) gas, average prices per therm are published. For gasoline, the average price per gallon is published. Average prices for commonly available grades of gasoline are published as well as the average price across all grades.
All eligible prices are converted to a price per normalized quantity. These prices are then used to estimate a price for a defined fixed quantity. The average price per kilowatt-hour represents the total bill divided by the kilowatt-hour usage. The total bill is the sum of all items applicable to all consumers appearing on an electricity bill including, but not limited to, variable rates per kWh, fixed costs, taxes, surcharges, and credits. This calculation also applies to the average price per therm for utility (piped) gas.
Information in this release will be made available to sensory impaired individuals upon request. Voice phone: (202) 691-5200; Telecommunications Relay Service: 7-1-1.
|Year and month||Gasoline per gallon||Electricity per kWh||Utility (piped) gas per therm|
|United States||Chicago area||United States||Chicago area||United States||Chicago area|
Last Modified Date: Thursday, June 15, 2023