![]() Prices at the pump are up about 24% over just the past month and 53% in the past year, according to AAA. ![]() New car prices rose 0.3% for the month and 12.4% over the 12-month period.Ī raging crisis in Europe has only fed into the price pressures, as sanctions against Russia have coincided with surging gasoline costs. Used car and truck prices actually declined 0.2%, their first negative showing since September 2021, but are still up 41.2% over the past year. Vehicle costs have been a powerful inflationary force but showed signs of easing in February. The New York Fed's supply chain index shows pressure has eased in 2022, though it is still near historically high levels. Policymakers have been expecting inflation to abate as supply chain issues ease. Inflation has roared higher amid an unprecedented government spending blitz coupled with persistent supply chain disruptions that have been unable to keep up with stimulus-fueled demand, particularly for goods over services. The inflation surge is in keeping with price gains over the past year. "The market likely already priced the inflation increase in accordingly, and is instead intently focused on Ukraine and the downstream impact from commodities, which are already sending shockwaves through the market." "Inflation is coming in hot but the reality is there are no real surprises in this report," said Mike Loewengart, managing director of investment strategy for E-Trade.
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