Inflation has reached the highest level since 2008. Today we compare the pace of inflation among several important sectors of the automotive industry as well as other areas of the economy.
To gauge the significance of the changes that have occurred over the past 12 months, we share the following chart from a study by the Bureau of Labor Statistics.
Overall prices have been rising over the last 12 months, with the biggest jumps in the parts of the economy affected by the pandemic. Within the most relevant changes over the last twelve months, we see whole sectors of the automotive industry such as car rentals, gasoline, used vehicles, transportation, and new vehicles.
The shortage of semiconductors needed for new cars has driven used car prices up by 41.7% and new car prices up by 6.4%.
Due to the large changes in price, many car buyers are postponing their car purchases until there is more supply online and prices are moderated.
That's all for today, we hope you find this information valuable and don't forget to subscribe to receive future studies and industry reports!
- The Intelimotor team.
Newman, Rick. "Inflation Isn't Everywhere." Yahoo! Finance, 2021, finance.yahoo.com/news/inflation-isnt-everywhere-144423883.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAAAAEI4C8lxvRpSNt0rk17QMeO4G-dZU7JdozT_jEFnrGF4WLynSgirA-yOcZNfkL5NAYVDNM3MCPFULcSvfpE-tl5ycxWTXRA1bjfitwbQKeBzv50C_ksIDkxefCVqQ0ns-Hg_MZ_CaDh4ZsNFl42AyIKcrURBkhSLGEcHZ75tKz_.