The chart on the left shows the relationship between headline CPI and the allowed return on equities for utility companies. As you can see, the allowed return, which is defined by regulators, tends to increase with inflation, illustrating that utilities tend to track inflation as they are able to pass along higher expenses to customers during periods of higher inflation.
The chart on the right shows household utility spending as a share of consumption, which spiked earlier in the pandemic as people were confined to their homes and many began working from home. While this spike has moderated, it remains above pre-pandemic levels.