The cost of auto insurance has seen the biggest jump by far among the factors driving U.S. inflation. There are several reasons why this has happened, and post-pandemic driver behavior is one of them.
and operating a car has skyrocketed in the aftermath of the pandemic. And just as one element of car ownership has gotten more affordable, another is now wrecking the budget.Overall inflation is down sharply from the peak of 9% in June 2022. But it ticked upward from 3.1% in January to 3.2% in February, causing fears that inflation may not be on the way out, after all.
Other important items, however, are heading in the right direction, such as groceries, up just 1% year over year. And some things are actually getting cheaper, including appliances, electronics, and toys.Americans also appear to be driving faster, which makes crashes worse. All of this raises insurance costs.inflation exceeded 40%.
Car prices have moderated as supply shortages eased, but overall prices are still way higher than pre-COVID levels. New car prices are 21% higher than they were four years ago, right before the COVID outbreak. Used car prices are up 31%. , either. Gasoline prices are down about 4% year over year to around $3.40 per gallon.
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