December saw the largest increase in auto insurance costs in decades, rising 20%.
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American motorists who have had to deal with skyrocketing auto maintenance bills over the last two years have no signs of relief in sight.
The largest increase in motor vehicle insurance prices since 1976 occurred in December, when rates increased by 20.3% over the previous year, as reported by the Bureau of Labor Statistics. That constituted the 16th consecutive month of annual gains above 10%.
Additionally, analysts from Bloomberg Intelligence predicted last month that insurance rates would likely continue to rise due to the increased cost of repairs and replacement parts.
The cost of used cars and trucks has decreased since it peaked two years ago. However, the December consumer price index, which was made public on Thursday, showed a rise in the price of used cars over the prior month, which surprised economists.
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predictions of a decrease. One of the primary causes of an acceleration in the overall rate of inflation was the unexpected monthly increase in that category.
Used car prices have increased by 38% since the beginning of the pandemic, despite a decline in 2023. The cost of new cars and trucks is not rising nearly as quickly as it did in 2022. They saw a mere 1% increase in December on an annual basis.
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