The latest Consumer Price Index summary found that the cost of motor vehicle insurance rose 22.6% over the last year, according to the Bureau of Labor Statistics, while the overall rate of inflation for the last year was 3.4%.

The Consumer Price Index (CPI-U) for the New York-Newark-Jersey City region rose by 0.4% in March 2024, reflecting a 3.4% increase over the past year, driven primarily by higher costs for shelter and energy, as reported by the U.S. Bureau of Labor Statistics (BLS).