The Bureau of Transportation Statistics (BTS) released the change in the costs faced by consumers for transportation goods and services, from December 2023 to December 2024, as measured by the Consumer Price Index (CPI). The annual change in CPI is a measure of inflation.
The CPI for all transportation goods and services rose 1.6% from December 2023 to December 2024. Transportation contributed 8.8% to the 2.9% year-over-year increase in the price of all goods and services, per the CPI. Motor vehicle insurance contributed the most to inflation, rising 11.3% year-over-year and contributing 10.9% to the annual increase in the price of all goods and services. By item, the top three contributors to inflation in December 2024 were:
• Motor vehicle maintenance and repair: 2.7%
• Airline fares: 2.0%
The top three transportation items dampening the contribution transportation’s contribution to inflation in December 2024 were:
• Gasoline: -3.9%
• Used cars and trucks: -2.2%
• New vehicles: -0.5%
• Other motor fuel: -0.5%
