Shelter inflation ticked higher in July on a monthly basis.
ticked up 0.4% month over month in July, higher than June's 0.2% rise. Housing inflation accounted for nearly 90% of the monthly increase in CPI in July.
Rent and owners' equivalent rent each rose 0.5% and 0.4% on a monthly basis in July, slightly higher than June’s 0.3%, respectively. Owners' equivalent rent is the hypothetical rent a homeowner would pay for the same property."On the surface that’s not a good read because it calls into question the more recent string of lower readings," Sharif added.
Shelter costs increased 5.1% in July over the prior year, lower than June’s 5.2% and a peak of 8.2% in March of the previous year. “So by the time the shelter component makes it all the way back down to where it was pre pandemic, it will have kind of the final check mark. But until then, we're expecting it to slowly continue to catch up to the market, and that seems to be what it's been doing for many months,” the economist added.are expecting that shelter inflation will likely remain elevated for the rest of this year and in 2025. Their model projects shelter inflation to reach 4.
Headline Inflation Shelter Costs Consumer Price Index
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