Gas Prices and Car Insurance Costs Nudge Inflation Rates Higher
By:
Pete Grieve
Pete Grieve
Reporter | Joined May 2024
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Editor:
Brad Tuttle
Brad Tuttle
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Money
The annual inflation rate increased to 3.7% in August with higher gasoline and auto insurance prices contributing to the overall rise, even as costs for many other items declined.
Inflation over the past 12 months, as measured by the consumer price index (CPI), increased slightly in July and August after a 12-month stretch of declines from the June 2022 peak of 9.1%.
The increase in inflation isn't necessarily cause for panic, as officials say the higher inflation rate is largely due to a rise in the cost of gas, a notoriously volatile good that remains much less expensive than the peak hit in 2022. Gas prices increased 10.6% from July to August and represented more than half of the increase in inflation for the month, according to the CPI.
Inflation rises again in August
