Overall inflation in 2022 peaked at its highest levels since the early 1980s. Here's why consumers saw some items deflate.
as inflation took hold in early 2021. The category inflated by 37.3% that year — the most of any item outside of energy commodities like gasoline and fuel oil, according to the consumer price index.. They deflated by 8.8% in 2022. Only prices for smartphones and TVs fell at a faster rate.
Prices for rental cars and trucks have followed a similar trajectory. They declined 4.9% in 2022, after spiking 36% the prior year. A shortage of semiconductor chips — a key vehicle component — brought the global production of new vehicles to a halt during the pandemic. Car inventoriesinto the used vehicle market, driving up prices. Those buyers included rental car companies, which needed to restock fleets they had culled earlier in the pandemic as consumer demand tanked.
Supply shortages ran headlong into burgeoning demand from American travelers who wanted to hit the road in 2021 as Covid vaccines rolled out but travel outside U.S. borders wasNow, however, global auto production has increased as supply chains are normalizing, economists said. That's led prices for used vehicles to decline.
"Rental car companies were buying — and now completely stopped buying — used vehicles," said Mark Zandi, chief economist at Moody's Analytics.
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