TRV - Auto Insurance Costs Dip In May: Key Industry Reports Ahead

2024-06-14 05:15:00 ET

Summary

• May’s CPI report revealed a surprising decrease in the cost of motor vehicle insurance.
• But families across the nation continue to feel the brunt of inflation, particularly when it comes to auto-related expenses.
• Progressive and Allstate report interim financial updates this week and next before Q2 earnings season kicks off in mid-July.

Is inflation trending lower? Yes. The Fed's preferred inflation gauge, the PCE Price Index, has fallen to 2.7% from a peak above 7% two years ago. ¹ While still higher than the FOMC's 2% target, there's hope that slow progress on the inflation front over the back half of this year and through 2025 will occur, allowing Chair Powell and the Fed to begin cutting interest rates before too much longer....

For further details see: