Inflation likely remained elevated once again for the month of March, adding another round of price increases to Americans' already-strained wallets. On paper, the U.S. economy looks solid. The unemployment rate has now remained below 4% for the longest stretch since the 1960s. Stocks are at all-time highs. The economy continues to add jobs.
This, in turn, has pushed auto insurance rates higher — and it turns out that car insurance commands a significant percentage of the overall increase in consumer prices. “The services side is where we’re continuing to see stronger growth,” House said. “That’s where we’re still getting an elevated degree of inflation from.” Stagnant pay and higher borrowing costs Americans’ pay has barely kept up with the price increases.