The prices of cars and trucks continued to soar in December, data released Wednesday showed.
The Department of Labor’s Consumer Price Index showed that the prices of new cars and trucks jumped higher in December, rising one percent for the month. Compared with 12 months ago, prices are up 11.8 percent.
Cars saw larger prices increases. These accelerated 1.5 percent in December, which follows 1.4 percent in November and 1.1 percent in October. Compared with a year ago, the prices of new cars are up 12 percent.
Truck prices rose 0.7 percent, down from the one percent gain in November and 1.5 percent gain in October. Compared with a year ago, new truck prices are up 11.6 percent.
Prices for used cars and trucks jumped 3.5 percent in December alone, an incredibly large month-to-month jump for a big-ticket item. Prices were up 2.5 percent in both November and October. Compared with a year ago, prices are up 37.3 percent.
Motor vehicle parts and equipment rose 1.6 percent in December, producing an annual increase of 11.3 percent. Tire prices are up 12.4 percent for the year after rising1.9 percent for the month.