One place Americans still can’t get relief from inflation is behind the wheel.
Many of the costs related to car ownership continued to outpace the consumer-price index last month. Car insurance premiums rose 20.6% in January from a year earlier. A trip to the mechanic, the price of a parking space, and highway tolls are also up, offsetting the savings from one of the big exceptions, falling gas prices.
The ballooning costs for that car in the driveway can squeeze budgets. Transportation is Americans’ second-biggest expense, after housing, and one that is hard to cut.