For many Americans, the cost of maintaining or repairing a car is another reminder that inflation still lingers.
The latest Consumer Price Index (CPI) from August showed that car repair costs jumped 5% for the month and 15% year-over-year. The increase is more than 33% over the past 4 years, according to the Bureau of Labor Statistics.
The trend is being driven by several factors, including the complexity and advanced technology of modern vehicles, rising supply chain and labor costs, and drivers holding onto older models longer.
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