New York CNN —
Drivers nationwide are facing the biggest car insurance rate increases since 1976.
Up more than 22% compared to last year, rising car insurance rates are one of the biggest contributors to overall inflation, which hit a new six-month high last month, according to the Consumer Price Index.
It represents one of many obstacles standing in the way of the Federal Reserve’s 2% inflation goal and continues to be a pain point for Americans struggling with some of the highest prices in decades.
Car insurers are raising rates higher for a
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