Why used cars are bumping up inflation — and your shopping bill

The recent inflation spike has a lot to do with used car sales. Photo by Shutterstock.

Goods are expensive right now because inflation, or the consumer price index, spiked by 5% in June compared to 2020. It’s the largest 12-month increase in more than a decade. The culprit behind a lot of that spike? Used cars. After all those months inside, the road is calling, and Americans are snatching up used vehicles like never before. Analysts are concerned about how the inflation spike will affect the economy long-term. 

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