Used car prices jumped at the fastest rate on record last month, but there’s hope on the horizon

used car

Used car prices increased 10.5% in June. Justin Sullivan/Getty Images

  • Used cars and trucks were 10.5% more expensive in June than in May.

  • That’s the biggest increase since the Bureau of Labor Statistics started tracking in 1953.

  • Used cars have been a major cause of higher price inflation over the last few months.

  • See more stories on Insider’s business page.

If you’re in the market for a used car or truck, get ready to pay a lot.

The Bureau of Labor Statistics’ monthly Consumer Price Index release showed that inflation in June was much higher than economists had expected. One of the biggest contributors to overall prices rising was the 10.5% increase in used car and truck prices between May and June.

Looking at changes over the last year, used cars in June 2021 were 45.2% more expensive than in June 2020.

New cars also got more expensive, with

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Turkish Markets Slide as Agbal’s Dismissal Stokes Lira Turmoil

(Bloomberg) — Turkey’s stocks, bonds and the lira tumbled as the shock dismissal of the country’s central bank chief triggered concern the country is headed for a fresh bout of currency turbulence.In one of the sharpest sell-offs in years, the Borsa Istanbul Index lost more than 8%, triggering circuit breakers that halted trading. The lira weakened almost 15% while yields on Turkish local and dollar bonds soared.The turmoil underscores concern President Recep Tayyip Erdogan’s removal of Naci Agbal after just four months as governor marks an end to a period of policy orthodoxy that had briefly restored the lira’s fortunes after a 20% retreat last year. Agbal’s successor, Sahap Kavcioglu, a columnist and university professor, has been a critic of the recent interest-rate increases enacted under Agbal’s stewardship, including last week’s larger-than-expected hike.A “haze of volatility” has returned to Turkish

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