Inflation is falling, but not your electricity bill. Here's why.

Although inflation has steadily cooled since peaking in June of last year, electricity costs continue to heat up.

The typical power bill is set to rise about 2% this summer from a year ago, according to the Energy Information Administration. The reason: While wholesale power costs have dropped, there is generally a lag in when such decreases filter down to the prices residents see on their monthly power bill. 

"Although wholesale power prices have come down significantly so far in 2023, those lower costs may not be apparent in retail prices until later this year or in 2024," the EIA wrote.