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SOUTHERN CALIFORNIA RECORD

Monday, November 4, 2024

Bureau of Labor Statistics announces June CPI decrease for Los Angeles

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The U.S. Bureau of Labor Statistics announced that in June, the Consumer Price Index (CPI) for the Los Angeles area decreased by 0.2 percent due to lower gasoline prices. Over the past year, the CPI-U increased by 3.2 percent, with food prices rising 3.1 percent and energy prices falling 1.2 percent.

According to data from the U.S. Bureau of Labor Statistics, food prices dropped 0.2 percent in Los Angeles for the month, with a significant decrease in grocery prices but a rise in dining out costs. The energy index fell 4.9 percent in June, mainly due to a 6.8 percent drop in gasoline prices. The index for all items excluding food and energy rose 0.2 percent for the month and 3.6 percent over the year. Higher costs for shelter and medical care drove the increase, partially offset by price declines in vehicles, recreation, and household furnishings.

Nationwide, the Consumer Price Index (CPI) decreased by 0.1% in June and increased by 3% during the last year, according to the latest data from the U.S. Bureau of Labor Statistics. Motor vehicle insurance was listed among indexes with "notable increases" during the last year after increasing by 0.9% in June and 19.5% during the 12-month period ending in June.

An increasing number of lawsuits is contributing to high costs for California consumers, according to the Northern California Record. Excessive litigation and massive payouts are driving up insurance costs, adding to the state’s high cost of living. California also has the highest poverty rate in the nation.

Rising insurance costs due to excessive litigation are particularly impacting low-income Californians who are already grappling with high inflation, reported Northern California Record said that car insurance costs increased by 24% last year and are projected to rise another 7% in 2024. Due to these rising costs, low-income California families are struggling to afford basic expenses.

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