The U.S. Bureau of Labor Statistic (BLS) reported that the national Consumer Price Index (CPI) decreased by 0.1% in June, after showing no change over the month of May. Over the last year, the all items index has increased an average of 3% nationwide.
During June, the motor vehicle insurance index increased 0.9% despite having decreased by 0.1% in May. Motor vehicle insurance costs have increased 19.5% over the past twelve months, according to the latest report from the BLS.
Indexes for shelter, household furnishings and operations, medical care, and personal care also increased in the month of June. The food index increased by 0.2% throughout the month, while the all items less food and energy index increased by 0.1%.
The energy index saw a decrease of 2% during June. Electricity as well as both used and new car indexes also decreased during the month.
Nevada drivers are paying an average of $3,068 per year for full coverage car insurance, compared to the national average of $2,278, according to Bankrate.
According to an opinion from the Wall Street Journal editorial board, the "culprit" for rising insurance costs is a combination of inflation and excessive litigation. "Unscrupulous" trial attorneys who are filing large volumes of insurance-related lawsuits are forcing insurance providers to raise their costs for all policyholders.