September 13, 2023 12:39 GMT
Weaker Shelter, Especially Lodging And With OER Softest Since Aug'21
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- Shelter CPI inflation slowed from 0.43% to 0.29% M/M in August.
- OER weaker than expected: 0.38% M/M after last month’s surprise increase to 0.49% M/M. Analysts seen beforehand had averaged 0.43% M/M. It’s the softest since Aug’21.
- Primary rents stronger than expected: 0.48% M/M after last month’s 0.42% M/M. Analysts seen beforehand had averaged 0.41% M/M.
- The heavier weight of OER means that the OER + primary rent contribution to core eased from 0.20 to 0.17pps.
- Lodging away from home: -3.0% M/M after -0.34% M/M in July, the main downside surprise in shelter with some analysts looking for small declines.