Warning: Essential Item No Longer Affordable
This is Joe Biden’s America.
The wholesale market for used cars experienced a surge in inflation during February, as prices continued to climb for the third month in a row.
According to Breitbart, the Manheim Used Vehicle Value Index, which monitors wholesale auction prices for used cars, reported a 4.3 percent rise in February. Following an increase in December, the first gain in consecutive months since May 2022, prices went up by 2.5 percent in January. The February hike was the most significant monthly rise seen since February of 2009.
The wholesale index produced by Manheim is considered to be an important predictor of new car prices and retail used car prices. Last year’s drop in the wholesale index was a signal of an impending decrease in used car prices, which was observed several months later through the Consumer Price Index.
The Consumer Price Index core includes used-car prices, which represent approximately 4.5 percent of the index and excludes food and fuel prices. This implies that an increase in used car prices can contribute to an overall inflationary trend. Last year, a significant hike in used car prices was a signal of an upcoming more generalized inflation.
President and the Democrats have addressed inflation a number of times now however they along with the Federal Reserve have done a very poor job at curbing it.
