The inflationary rate of auto insurance climbed by 19.2% from November 2022 to November 2023, continuing to be above the total inflation rate of 3.1%, and contributed 0.5 percentage points to the rate, according to the latest Consumer Price Index (CPI) data from the U.S. Bureau of Labor Statistic (BLS).
In November, auto insurance rose by 1% following a 1.9% increase in October.
Cambridge Mobile Telematics Senior Vice President Ryan McMahon noted on social media that the increase in insurance rates represents a significant portion of overall inflation.
