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Shelter Prices Continue To Push Higher

US DATA

Shelter continues to be a huge inflation driver, and had been seen by consensus as cooling vs a particularly strong May. That clearly didn't happen: Owner equivalent rent hit a fresh post-1990 high in month/month terms (+0.70% M/M, +0.60% prior), while rent of primary residence prices rose by the fastest since 1986 (+0.78%, +0.63% prior).

  • Given shelter's outsized (one-third) contribution to inflation baskets, the continuing momentum in this category will be of significant concern.

Source: BLS, MNI

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Shelter continues to be a huge inflation driver, and had been seen by consensus as cooling vs a particularly strong May. That clearly didn't happen: Owner equivalent rent hit a fresh post-1990 high in month/month terms (+0.70% M/M, +0.60% prior), while rent of primary residence prices rose by the fastest since 1986 (+0.78%, +0.63% prior).

  • Given shelter's outsized (one-third) contribution to inflation baskets, the continuing momentum in this category will be of significant concern.

Source: BLS, MNI