(Bloomberg) -- Used-car prices, one of the biggest factors in U.S. inflation this year, rose to an all-time high in September as pandemic-driven supply-chain disruptions continued.
The Manheim U.S. Used Vehicle Value Index, a measure of pricing trends at wholesale auctions, increased 5.3% in September from a month earlier, the biggest monthly gain since April. The index is now up 27.1% from a year earlier.
Global supply-chain snags have hit new-vehicle production schedules, pushing some consumers into the used-car market and leading dealers to step up their buying efforts, according to the Manheim report, released Thursday. Retail used-car prices will likely remain elevated in the months ahead, it said.
Used-car prices have been a major contributor to U.S. inflation this year, responsible for about 2% of overall consumer prices. The August consumer price index report showed a decline in used-car and truck prices, but that was a temporary pause rather than a peak.
Total used-vehicle sales continued to fall, dropping 13% in September from a year earlier, according to Cox Automotive estimates.
The Manheim Used Vehicle Value Index accounts for data from all U.S. sales through Cox’s Manheim automotive auctions, which are adjusted for seasonality and mileage.
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