Rising auto insurance rates helped drive a recent spike in the CPI – which may have a knock-on effect on the rest of the economy
Is auto insurance keeping your clients’ mortgage payments high?
That may sound like an odd question, but the surge in auto insurance prices is definitely having a knock-on effect on the rest of the economy.
The spike in consumer prices during January was primarily driven by increases in services costs – particularly transportation services, medical services and shelter costs. Of these, transportation services stood out due to the sharp upswing in car insurance premiums.