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Why used car prices are pushing inflation higher

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A pedestrian walks past a certified pre-owned car sales lot in Alhambra, California on January 12, 2022.

Frederic J. Brown | AFP | Getty Images

Despite President Joe Biden’s upbeat comments on what seem to be early signs of a peak in inflation, used car prices continue to rise at levels not seen at any time this century prior to the Covid-19 pandemic.

The Biden administration has blamed much of the rising inflation rates in the country on the used vehicle market. The problem, which the White House acknowledges, is that there’s not much it can do to assist in lowering the rates right now.

In the past 20 years used cars’ contribution to inflation averaged zero. It’s now more than 1% on a…



Source cnbc.com

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