Car insurance rates have seen a significant increase, attributed to rising car repair costs, an increase in the severity of crashes, and a higher incidence of road rage. This surge in rates has contributed 0.5% to the Consumer Price Index (CPI) last month, marking a 21% year-over-year increase, the highest jump since the 1970s. Additionally, overall inflation has risen, with the U.S. Consumer Price Index climbing 3.2 percent in February, slightly up from January but below the 9.1 percent inflation observed in 2022. The Bureau of Labor Statistics reported that one of the largest increases in the CPI was in motor vehicle insurance, which escalated by 20.60% in the 12 months ending February 2024.
Inflation rose 3.20% in the 12 months ending February 2024 according to the Bureau of Labor Statistics. One of the largest increases was in motor vehicle insurance, which rose by a staggering 20.60% during the same period. https://t.co/fqHerJtqjN
Auto insurance costs alone added 0.5% to the CPI last month. 21% year over year increase, highest jump since 1970s. Reasons cited - 1. More accidents on roads 2. New record high cases on road rage 3. Increased cost of repair
Why is inflation going up? The U.S. Consumer Price index rose 3.2 percent in February up slightly from January, but still below the 9.1 percent inflation seen in 2022. What does this all mean? https://t.co/jixtZG2nm6
Rising car repair costs and an increase in the severity of crashes are two of the factors driving rates up. https://t.co/wdbnM7DGTZ
Why car insurance rates are skyrocketing https://t.co/tgPIif0z5w