The U.S. Bureau of Labor Statistics announced that in June, the Consumer Price Index (CPI) for the West Region decreased by 0.2 percent due to lower gasoline prices. Over the past year, the CPI-U increased by 2.8 percent, with food prices rising by 2.6 percent and energy prices increasing by 1 percent.
According to the U.S. Bureau of Labor Statistics, food prices rose 0.2 percent in the West Region in June, with a decrease for food at home but a rise in dining out costs. The energy index fell 3.7 percent in June, mainly due to a 6.1 percent drop in gasoline prices. The index for all items excluding food and energy was unchanged for the month and rose 3.0 percent over the year.
Nationally, inflation decreased 0.1% in June and increased 3% over the last year, according to the U.S. Bureau of Labor Statistics. Car insurance was listed among indexes with "notable increases" during the last year after rising 0.9% in June and 19.5% during the 12-month period ending in June.
The Insurance Information Institute (III) said "legal system abuse" is making insurance more expensive for policyholders, according to a press release. Practices such as third-party litigation funding (TPLF), where a hedge fund or other financier provides funding for a lawsuit in exchange for a share of the settlement, constitute legal system abuse, according to III.
"The price of insurance is the effect, not the cause of risk, and there must be more work done to curb legal system abuse, as auto insurers – both personal and commercial – are seeing significant increases in claims costs when attorneys enter into the picture," said III CEO Sean Kevelighan.
According to Policygenius, Nevada is one of the most expensive states in the country for car insurance. Nevada drivers pay an average of $2,198 annually for full coverage car insurance.