The U.S. Bureau of Labor Statistic (BLS) reported that the Consumer Price Index (CPI) decreased by 0.1% in June, after showing no change over the month of May. Over the last year, the all items index has increased an average of 3% nationwide.
During June, the motor vehicle insurance index increased 0.9% despite having decreased by 0.1% in May. Motor vehicle insurance costs have increased 19.5% over the past twelve months, according to the latest report from the BLS.
Indexes for shelter, household furnishings and operations, medical care, and personal care also increased in the month of June. The food index increased by 0.2% throughout the month, while the all items less food and energy index increased by 0.1%.
The energy index saw a decrease of 2% during June. Electricity as well as both used and new car indexes also decreased during the month.
Nationwide, the cost of car insurance has increased by 46.2% since January 2020, according to the Wall Street Journal. Lawmakers such as Sen. Elizabeth Warren have said that climate change and corporate greed are causing rising insurance costs, but the “actual culprit” is a combination of inflation and lawsuit abuse. These factors are leading to rising insurance costs and pushing some insurers out of markets, leaving residents with fewer options.
Georgia drivers pay an average of $2,554 each year for full coverage car insurance, compared to the national average of $2,278, according to Bankrate.