The Bureau of Labor Statistics (BLS) announced on March 12 that car insurance costs have increased by 20.6% since February 2023, which is more than 640% than the overall inflation rate during the same period.
Car insurance costs rose by 0.9% in February, reported the BLS, culminating in a 20.6% inflation rate for the auto insurance index for the year ending in February. The overall inflation rate was 0.4% in February and 3.2% for the past year.
Additional sectors that experienced price hikes in February include energy (+2.3%), gasoline (+3.8%), and transportation services (+1.4%).
BLS, established in 1884, is a unit of the United States Department of Labor. It functions as the principal federal agency responsible for measuring labor market activity, working conditions, and price changes in the economy. Its mission includes collecting, analyzing, and disseminating essential economic information to support public and private decision-making.
Among its many reports, the Bureau issues the monthly Employment Situation Summary, commonly known as the jobs report, along with data on consumer and producer price indexes.