market watchers and by the Fed as a prime benchmark for observing the rate of inflation. The price of used cars has long been used by U.S. Meanwhile, news that Fed policymakers are pushing for a 50-basis-point increase at the next policy meeting in March to lower costs further is drawing considerable attention. Inflation rates are still continuing to ease, but there is concern that the Federal Reserve’s campaign to reach an official inflation rate target of 2 percent by raising borrowing rates may cause the economy to falter in the second half of the year. The index declined 15 percent following a peak in early 2022 at around 257 but has risen 7 percent since early November. The non-adjusted price change in the first half of February rose 3.4 percent from January, while the unadjusted price was down 5.9 percent year-over-year. The used vehicle index rose to 234.0, down 7.3 percent from the entire month of February 2022, as seasonal adjustment drove a small part of the gains. This comes just a month after markets were hit with a massive rise in used car prices, according to the Manheim Used Vehicle Value Index. Wholesale used-vehicle prices increased 4.1 percent from January through the first half of this month, signifying the largest February increase since 2009’s full-month 4.4 percent gain, according to the mid-month Manheim Used Vehicle Value Index from Cox Automotive.
Used car prices have seen the largest February increase in 14 years as inflation continues to drive consumer prices.
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