The cost of owning a car is increasing for Americans as new data reveals hikes in auto insurance and used vehicle prices.
Auto insurance costs saw a 2% month-over-month increase in January, according to new data. This rise follows increases of 0.5% in December and 0.3% in November. Although the yearly rate of car insurance inflation is lower than the highest rates of the last two years, the index rose 11.8% year-over-year in January.
Used vehicle prices also saw a noticeable increase in January, rising 2.2% month over month, which is up significantly from the 0.8% increase in December. Year-over-year, used car and truck prices are up 1%.
Medical care costs also saw a 0.2% increase in January from December, with a 2.6% increase over the past 12 months. The Bureau of Labor Statistics announced on Wednesday that communication costs, airline fares, and education costs have also experienced an increase in inflation during January.
