U.S. consumer prices rose 0.9% in March as energy costs surged, while Cox Automotive reports new-vehicle prices remained around $50,000 and demand stayed concentrated in larger, higher-priced segments.
The Bureau of Labor Statistics said the energy index rose 10.9% in March, led by a 21.2% jump in gasoline that accounted for nearly three quarters of the monthly increase; shelter rose 0.3% and food was unchanged. Cox Automotive data show average MSRP has stayed above $50,000 for a year, with prices stable month-to-month but up 3.5% year-over-year.
Erin Keating of Cox Automotive said consumers continued to favor SUVs and trucks despite higher fuel costs, noting buying behavior changes slowly and demand remains weighted toward expensive segments. The company added affordable models still exist, but market preference is keeping industry average prices elevated.
This summary is based on coverage by The Autopian.
Read the full article at The Autopian.
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