A version of this story first appeared in CNN Business' Before the Bell newsletter. You can sign up right hereNew York / London (CNN Business) Americans have witnessed some wild price hikes over the past few months. See here: Used car prices soared in part because lockdowns led many city-dwellers to buy cars, and because new car production was hampered by shuttered plants and chip shortages. In the year ended in May, used car prices were up nearly 30%, according to the Bureau of Labor Statistics. Before the pandemic, inflation — which the Federal Reserve would like to have around 2% — had been stuck near rock bottom for years.

Source: CNN July 11, 2021 12:22 UTC