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The U.S. Bureau of Labor Statistics is evaluating changing its calculation of CPI to correct a measurement bias on owners' equivalent rent, the agency told MNI Wednesday, confirming an earlier MNI story.
"BLS is evaluating the implementation of reweighting its multiunit and single family rental housing sample so that the owned housing stock is better representative of its population," BLS economist Jonathan Church said in an email. "We have not made a determination as to if or when this will be implemented, but will make an announcement on our website prior to making any changes to the index methodology."
Church added that there are no plans to revise already released numbers. An over-reliance on apartment rental data has tended to push owners' equivalent rent slightly higher since 2013, and the measurement bias may be exacerbated by the Covid-19 pandemic, MNI reported Tuesday.