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Shelter Prices Look Increasingly Persistent

DATA REACT

The inflationary pressures from the OER and rent categories persist, which is key to the "inflation is broadening and not transitory" thesis: OER accelerated again to 0.44% M/M (0.43% prior) with rents slipping a bit but still strong (+0.42% vs +0.45%).

  • That's the highest OER print since 2006. Going back to 2007, the rent figure was the highest apart from Sep 2021.
  • Remember those categories are about 1/3 of core CPI.

Source: BLS

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