In today's turbulent marketplace, insurers need all the information they can get to accurately price policies to support insurance-to-value and help protect policyholders. (Photo: alpegor/Adobe Stock)
Whether it's groceries or gas, American consumers are finding that the things they need are a little more expensive these days.
Inflation rates are at their highest in 40 years. Data from the U.S. Bureau of Labor Statistics showed the current inflation rate in March 2022 to be 8.5% in March, the most extreme year-over-year increase since January 1982, according to reporting from The Associated Press.
Since April 2021, material costs have risen 16.5%, and the individual costs of drywall, paint, lumber and carpet all continue to soar. (Graphic provided by Verisk) Want to continue reading?
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