BloombergNEF has updated its annual battery price index showing lithium battery packs averaged 7% higher than last year at $151/kWh accounting for inflation, the first year on record that prices have risen since this statistic has been recorded. Rethink Energy has been suggesting this was likely to happen, but does not track this statistic directly. The average price of a battery pack is a little misleading due to a number of factors. Geographically speaking, batteries remain cheaper to produce in China, with the average battery only costing $127/kWh compared to $157/kWh and $169/kWh in the US and Europe respectively. This is largely due to market immaturity and inefficiencies within production that can be addressed over time, but it is also…