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MNI INTERVIEW: US Shelter CPI Rising to 7% By April -CoreLogic

(MNI) Washington

Sustained shelter inflation at high levels will limit any decline in U.S. CPI.

Owners' equivalent rent, which makes up a third of U.S. CPI, will likely rise to 7% on the year by next April based on current single-family home rental price trends, Selma Hepp, an economist with real estate data provider CoreLogic, told MNI.

That acceleration in the rent measure will likely keep CPI elevated through the spring, she said in an interview this week. OER for the 12 months ending in May was 5.1%, the largest increase since 1991.

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Owners' equivalent rent, which makes up a third of U.S. CPI, will likely rise to 7% on the year by next April based on current single-family home rental price trends, Selma Hepp, an economist with real estate data provider CoreLogic, told MNI.

That acceleration in the rent measure will likely keep CPI elevated through the spring, she said in an interview this week. OER for the 12 months ending in May was 5.1%, the largest increase since 1991.

Keep reading...Show less