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OER and Rent of Primary Residence prices retreat in July: 0.30% M/M and 0.16% respectively, vs 0.32% and 0.23% in June, assisting the core CPI slowdown after growth had picked up to post-Pandemic highs in July.
- This is just one month's data point of course, but it could set back the narrative of rising shelter prices - which is key to the overall thesis that core prices will be lifted in the coming months (i.e. not transient) by rising rents.
Source: BLS, MNI