How cars — new, used and rental — are putting inflation into high gear
CBSN
Consumer prices are shooting upward at the fastest rate in 13 years. Driving that surge are — drivers. American motorists and their wheels — cars and trucks; new, used or rented — are a major culprit pushing consumer prices to the breaking point.
The Consumer Price Index for used cars and trucks saw its biggest monthly increase since 1953. That surge alone was responsible for one-third of the increase of the overall CPI. Meanwhile, new car prices continue to climb. The average new car bought in May cost more than $41,000, according to Kelley Blue Book — a jump of over $2,000 from the year-ago period. "We're seeing record used vehicle prices, and we're also seeing record average transaction prices for new vehicles," said Matt DeLorenzo, senior managing editor at Kelley Blue Book.
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