Authorizes Rate Counsel to deny certain public utility rate increases.

This bill, A5686, authorizes New Jersey's Division of Rate Counsel to deny public utility rate increase requests if the U.S. Bureau of Labor Statistics' Consumer Price Index (measuring inflation for all items) exceeded 2% in any of the four quarters before the utility filed its petition. It directly affects public utilities (such as electricity, gas, and water providers) seeking rate hikes and the consumers who pay their bills. The key provision requires Rate Counsel to block such rate increases during periods of elevated inflation, preventing utilities from raising prices when overall costs are rising sharply. The law takes immediate effect and defines "public utility" per existing state law.