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Consumer prices rose 0.4% in March from the previous month and climbed 3.5% from the same time last year, the Labor Department reported Wednesday.
Both of those figures came in higher than the 0.3% monthly increase and 3.2% headline gain forecast by LSEG economists.
Many of the usual culprits — including rent and groceries — contributed to the surprisingly hot reading. But few categories jumped as substantially as auto insurance.
The cost of auto insurance rose 2.6% in March, bringing the total annual gain to 22.2% — the fastest yearly rate on record. When compared with the beginning of 2021, before the inflation crisis began, motor vehicle insurance is more than 50% more expensive.
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