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).

Nationwide increases were 0.4% in March 2024 and 3.5% over the last year.

Nationally, the BLS reported that auto insurance rates were a notable increase within inflationary pressures, rising 22.2% since March of last year. The monthly increase during March 2024 was an average of 2.6% nationally. 

Vox reports that rising insurance costs disproportionately impact low-income individuals, especially those with poor credit or residing in high-crime areas, who often pay above the average for car insurance.

The U.S. Chamber of Commerce Institute for Legal Reform (ILR) reported that excessive lawsuits are contributing to rising car insurance costs.  This volume of litigation, particularly class action lawsuits, forces businesses to raise their prices, passing the cost on to consumers.  In California, every household effectively pays an extra “tax” of $4,599 each year due to excessive tort lawsuits.