Housing costs are still high, though rent and home prices have stabilized or dropped in some places in recent months.įILE – This is a new housing development in Middlesex Township, Pa., on Oct. The index for rent went up 0.5 percent from the previous month, and the index for owners went up 0.4 percent in that same period. Shelter prices went up 0.4 percent monthly, the largest factor in the monthly increase for the index of all items besides food and fuel, and up 7.8 percent annually. Rent and housing costs contributed to more than 70 percent of the overall increase in inflation in the latest CPI. Inflation peaked with an annual increase of 9.1 percent in June 2022, a few months after Russia invaded Ukraine and sparked global economic issues. The 3 percent annual increase seen in June is the smallest annual increase since March 2021, a potential signal that the country is seeing its inflation woes ease after it surged during the pandemic and amid widespread supply chain issues. Here are five takeaways from the new report: Smallest annual increase in over two years The Labor Department’s new numbers from the index - which measures the cost of goods and services consumers spend money on in the U.S., from food to fuel to rent - come in slightly lower than economists had expected. Consumer prices have gone up 3 percent from a year ago and 0.2 percent between May and June, according to the consumer price index (CPI).
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