Prices for materials used in the auto glass industry showed increases in October 2021, according to recently released Producer Price Index (PPI) data from the Bureau of Labor Statistics (BLS).
The monthly PPI, which includes auto glass*, increased slightly by 0.6% from September 2021 to October 2021, and revealed an 8.6% increase from October 2020. According to the BLS, the commodity classification “organizes products and services by similarity or material composition, regardless of the industry classification of the producing establishment.”
Prices for motor vehicle parts went up by 4.5% from October 2020, and in that index, in the commodity grouping and month-over-month prices increased by only 0.3% from September 2021.
The PPI for molded rubber mechanical goods (automotive) showed a change of only 0.2% when compared to its reading in September, but went up by 1.2% from October 2020.
Adhesives and sealants saw an increase of 1.6% from one month to the next, as well as an 8.1% increase from last year. Motor vehicle repair and maintenance, in the services grouping, also increased slightly by 0.1% over September 2021, with a 2.4% increase from October 2020, as well.
The cost of private passenger auto insurance services is down 2.8% compared to the same month last year, but increased 0.1% September 2021 to October 2021. On the other hand, commercial auto insurance saw no change from September 2021, but a 3.9% increase from October 2020.
*This number is for the specialty glass category in October under the commodity category.
Unfortunately, those of us concentrating on the insurance claim fulfillment side have no way of recovering our increased operating costs. In addition to increases in material and shipping expenses, we’ve seen even sharper increases in fuel expenses. One year ago an average tank of fuel in a full size van cost less than $50. Now it’s more than $80. Hopefully NAGS is taking these and other increased operating costs into consideration for the January list price release.