During a recent rally in North Carolina, former President Donald Trump highlighted the significant increase in car insurance prices, a concern that many Americans are currently facing. According to the latest Consumer Price Index data released on Wednesday, car insurance rates have surged by 18.6% over the past 12 months, making it one of the largest price hikes in various goods and categories tracked by the CPI.
Despite the substantial increase, there is a silver lining as the rate of growth has actually slowed down since March when car insurance rates spiked by 22.2% annually. This recent surge in car insurance rates is the most significant since 1976, indicating a notable impact on consumers' budgets.
