Owning a car in America has never been this expensive: The total cost of vehicle ownership in the US has risen +36% since January 2020. Motor vehicle maintenance and repair costs have surged +50% over the same period, jumping +6.1% YoY in March alone. Meanwhile, auto insurance prices are up +56% while motor vehicle parts and equipment are up +27%. Vehicle ownership costs account for nearly 15% of the CPI inflation formula. This means these costs are one of the biggest drivers of the rising cost of living for American households. Car inflation is squeezing US consumers.(The Kobeissi Letter)