Rising auto insurance costs helped inflation accelerate at a faster-than-expected pace in March, CNBC reports.
On a monthly basis, car insurance prices as part of the consumer price index rose by an unadjusted 2.7%, while the year-over-year increase was 22.2%, according to data released Wednesday. The CPI index is a key inflation gauge and is a broad measure of goods and service costs across the economy.
Auto insurance costs have been rising for the last few years—especially in Louisiana. Costs have increased some 46% since December 2021, according to the U.S. Bureau of Labor Statistics. However, auto insurance remains a small portion of the CPI, with a 2.85% weighting.
The increase in insurance prices comes at a time when new and used vehicle price tags remain at a historic high since the COVID-19 pandemic. Supply chain shortages, mechanic wage increase and advancing technologies in cars have all helped contribute to higher vehicle and insurance costs.
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April 12, 2024 at 02:58AM
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