LOS ANGELES — The average price of a new vehicle sold in August increased to $48,301, marking the fifth straight month of gains, according to Kelley Blue Book. The August price is $222, or 0.5%, more compared with last month and $4,712 more than a year ago.  

The brands that are driving the market with the biggest price gains are Hyundai, Land Rover, Honda and Kia, which are commanding sales at 5% to 9% above sticker price. Ram, Volvo, Lincoln, Buick, Alfa Romeo and Fiat saw the least gains, selling for at least 1% less than the manufacturer’s suggested retail price.

“Prices are still high and climbing incrementally every month,” said Rebecca Rydzewski, Cox Automotive’s research manager of economic and industry insights, in a statement.

Rydzewski noted that new-vehicle inventories have been increasing and are at their highest level since the computer chip shortage began in June 2021. Still, subcompacts, hybrids and EVs are in low supply largely due to elevated gas prices.

The average price for a new electric vehicle was $66,524 in August — a 1.7% increase compared with July. The average price of a new non-luxury vehicle was $44,559 — a $132 increase — whereas the average luxury vehicle sold cost $65,935 — up $878 from the month earlier.

The new price record comes the same day as the Bureau of Labor Statistics released its Consumer Price Index for August. It notched an 8.3% increase compared with a year earlier and a 0.1% increase compared with July.