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Surging car insurance rates are squeezing drivers — and fueling inflation

Posted on AllSides April 24th, 2024
From The Right

Auto insurance rates rose 2.6% in March and are up 22% from a year ago. Premium costs have been marching steadily higher since 2022, even as inflation at the consumer level steadily cooled from its 9.1% peak in the middle of that year. Consumers have had some relief as the rate of cost increases for food and energy, two key components of most budgets, has eased greatly. But auto insurance and car ownership costs have become a sticking point for consumers and the Federal Reserve in its battle to rein...

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