Remember a year ago when oil prices, and food prices were skyrocketing?
Temporarily, (June/July 2022) inflation hit 9.1% on an annualized basis.
At the time, the pocket-protector and slide-rule geeks warned us that Americans spend more than half their paychecks on items that have annual contracts. (rent, auto insurance, health insurance cell phones, streaming subscriptions, school tuition etc…) and that those items had not inflated yet.
Well, the guy you didn’t like in high school turns out to be right.
One example is that auto insurance rates are up 17%.
Snippets from the 4 articles below
Yahoo article
Auto insurance rates have risen by 17% in May, according to the most recent consumer price index (CPI) data available. This includes a 2% jump between April 2023 and May 2023.
CNBC
The auto insurance inflation rate is up 17% in the past year, according to the May consumer price index.
NBC2, SW Florida
Florida auto insurance costs skyrocket as rates jump 40 percent above national average
Daily Mail
Allstate in Georgia increased premiums by 40 percent and a 32 percent rise in prices by Nationwide Mutual Insurance in California State Farm
State Farm in New York bumped its prices by 11 percent. Insurers say they are having to do this due to big losses as cost of claims has skyrocketed
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