The price surge in used cars has been indicative of the pressures building as firms roar back from the depths of the pandemic, only to run headlong into shortages of everything
When consumer prices rose by 5.4% in June compared with a year earlier, the fastest pace since 2008, used cars accounted for a third of the pickup. So analysts are paying unusually close attention to the market for used cars . On August 11th the Bureau of Labour Statistics reported that annual headline inflation in July again hit 5.4%. But when you look under the hood, the gauge for used cars offers reassurance: prices levelled off, suggesting that the inflation scare may prove transitory.
Similar dynamics have pushed up prices for home furniture, airline tickets and clothing. Alarming as that might sound, the fact that these increases were all tied to the lopsided recovery from the pandemic was taken as evidence by many analysts that the jump in inflation may be a passing phenomenon. Sure enough, the data from July lent credence to that view. Airline fares fell slightly, as did the cost of furniture. Prices for clothing and used cars were basically unchanged.
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