Rob Wile is a breaking business news reporter for NBC News Digital.
Wednesday's inflation report showed consumer price growth continues to drift higher. The Bureau of Labor Statistics reported price growth accelerated to 3.5% in March, from 3.2% in February. Few categories had as big a jump year on year than auto insurance, which soared 22% from March 2023, the most significant year-on-year jump in that category since 1976. And over the last few years, average auto insurance rates have surged 43%.
Meanwhile, the higher cost of buying a vehicle has prompted some drivers to hold on to their existing cars for longer. As a vehicle ages, the likelihood of breakdowns rises, increasing the demand for repair services, said Sarah House, managing director and senior economist at Wells Fargo. “Insurers are trying to recoup very costly claims,” House said. Other factors are at work, too.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Francis Scott Key bridge collapse: Shipping customers could see costly impact, delaysRob Wile is a breaking business news reporter for NBC News Digital.
Read more »
Chick-fil-A announces shift from 'no antibiotics' in chicken pledgeRob Wile is a breaking business news reporter for NBC News Digital.
Read more »
Consumer advocates, realtors hail NAR settlement: What it means for buyers and sellersRob Wile is a breaking business news reporter for NBC News Digital.
Read more »
Target doubles bonuses for salaried employees as profits surgeRob Wile is a breaking business news reporter for NBC News Digital.
Read more »
When will interest rates come down? Federal Reserve expected to offer clues WednesdayRob Wile is a breaking business news reporter for NBC News Digital.
Read more »
JetBlue leaves Kansas City, trims service from Los Angeles and Fort Lauderdale amid financial troubleRob Wile is a breaking business news reporter for NBC News Digital.
Read more »