Inflation rates in the South Region, which includes Georgia, saw an increase of 0.1% in May of 2024, with a 3.2% increase over the past twelve months.
The national rate of inflation for May was 0%, while the rate of inflation over the year ending in May was 3.3%, according to the latest Consumer Price Index (CPI) summary. Car insurance was listed among indexes that experienced "notable increases" over the last year at 20.3%.
The all items less food and energy index in the south region increased 3.3% over the past year, with the energy index increasing 3.7% and the food index increasing 2%, according to the latest CPI report for the area.
A report from the National Association of Mutual Insurance Companies (NAMIC) found that legal system abuse is making insurance coverage more expensive for all policyholders. Practices such as third-party litigation funding are contributing to a larger volume of lawsuits, which forces businesses to raise their prices, effectively passing litigation costs onto consumers.