The price of car ownership continues to accelerate for American workers under President Joe Biden.
Prices for auto repairs, auto insurance and parking have risen since 2023, according to March Consumer Price Index (CPI) data. released Wednesday:
— Automotive maintenance and repair: 8.2% increase Up 1.7% since March 2023 / since February 2024
—Auto insurance: 22.2% increase Up 2.7% since March 2023 / since February 2024
— Parking and other charges: 5.0% increase Up 1.7% since March 2023 / since February 2024
Overall, the consumer price index in March increased by 0.4% compared to February. The composite index is up 3.5% from 12 months ago, according to Breitbart News’ John Carney.
Economists had expected sales to rise 0.3% month-on-month and 3.4% over the 12 months.
Core inflation, which excludes food and energy, rose 0.4% in the month, in line with last month and above expectations of 0.3%. Compared to a year ago, core inflation rose 3.8%, which was also better than expected and in line with February’s numbers.
When the consumer price index spiked in January, many analysts said it was likely a seasonal anomaly and expected inflation to start falling again soon. After three months of higher-than-expected inflation, that’s no longer a valid interpretation. Over the past three months, core inflation rose at an annual rate of 4.6%. That’s the highest three-month annual rate of inflation for any period between August 1991 and 2020, said Harvard economist Jason Furman.
Breaking news: Inflation rate rose 3.5% from last year, “severer than expected”.
Overall prices have increased by 19.4% since Biden took office. pic.twitter.com/YfTcMe4Bel
— RNC Research (@RNCResearch) April 10, 2024
Wendell Husebo is a political reporter for Breitbart News and a former Republican war room analyst.he is the author of politics of slave morality.Follow Wendell “X” @WendellHusebø or society of truth @WendellHusebo.
