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SOUTHERN CALIFORNIA RECORD

Monday, June 17, 2024

Inflation in Los Angeles area up 3.9% in last 12 months

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Commissioner of Labor Statistics Erika McEntarfer | Erika McEntarfer website

A Consumer Price Index report from the U.S. Bureau of Labor Statistics reported that inflation has increased 3.9% in the Log Angeles area over the last year, with a 0.6% increase over the month of April. 

The index for all items less food and energy had an increase of 3.8% in the last year, while the energy index rose 6.4% and the food index rose 3.3% in the same time period. 

Nationwide, the Consumer Price Index increased 0.3% in April and 3.4% over the last year, according to the Bureau of Labor Statistics. The cost of motor vehicle insurance rose by 22.6% in the last twelve months, putting it among indexes "with notable increases over the last year" alongside medical care (+2.6%) and personal care (+3.7%). 

A report from the National Association of Mutual Insurance Companies (NAMIC) found that legal system abuse is making insurance coverage more expensive for all policyholders. Practices such as third-party litigation funding are contributing to a larger volume of lawsuits, which forces businesses to raise their prices, effectively passing litigation costs onto consumers. 

Rising insurance costs due to excessive litigation are particularly impacting low-income Californians, who are already grappling with high inflation, the Northern California Record reported. Car insurance costs increased by 24% last year. Due to these rising costs, low-income California families are struggling to afford basic expenses. 

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