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US CPI: Shelter From The (Inflation) Storm

DATA REACT

On a softer note: the pickup in shelter prices seen in May flattened a bit in June. Owner Equivalent Rent came in at +0.32% (a pretty typical figure historically), with primary rents +0.23% M/M. Those were basically flat vs May (+0.31% and +0.24%, respectively). Those categories are about 1/3 of CPI so we'd probably have to see more from them in future for the "sustained" inflation story to gain credence.


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