Inflation rates in the Western Region, which includes Nevada, saw an increase of 0.1% in May of 2024, with a 3.3% increase over the past twelve months.
According to the latest report from the Consumer Price Index (CPI), food prices in the region have risen 2.7% over the past year, while the index for all items less food and energy increase 3.3%. The increase was driven by the 5.4% rise in energy prices, which experienced a large increase in the price of electricity.
Nationwide, the rate of inflation for May was 0%, while the rate of inflation over the twelve-month period ending in May was 3.3%, according to the latest Consumer Price Index (CPI) summary. Motor vehicle insurance was listed among indexes that experienced “notable increases” over the last year at 20.3%.
“Social inflation” is the term used to describe rising insurance costs that outpace overall inflation, according to the Insurance Information Institute (III). “Skyrocketing legal costs” are one of the main factors driving social inflation, the III said. “Data indicates that attorney involvement can increase claims costs and the time needed to resolve them, even while reducing value for claimants,” according to the report.
