by Calculated Risk on 7/11/2024 08:50:00 AM

Here are a few measures of inflation:

The first graph is the one Fed Chair Powell had mentioned when services less rent of shelter was up around 8% year-over-year.  This declined, but has turned up recently, and is now up 4.8% YoY.

Click on graph for larger image.

This graph shows the YoY price change for Services and Services less rent of shelter through May 2024.

Services were up 5.0% YoY as of June 2024, down from 5.2% YoY in May.

Services less rent of shelter was up 4.8% YoY in June, down from 5.0% YoY in May.

The second graph shows that goods prices started to increase year-over-year (YoY) in 2020 and accelerated in 2021 due to both strong demand and supply chain disruptions.

Durables were at -4.1% YoY as of June 2024, down from -3.7% YoY in May.

Commodities less food and energy commodities were at -1.7% YoY in June, unchanged from -1.7% YoY in May.

Here is a graph of the year-over-year change in shelter from the CPI report (through June) and housing from the PCE report (through May)

Shelter was up 5.1% year-over-year in June, down from 5.4% in May. Housing (PCE) was up 5.5% YoY in May, down slightly from 5.6% in March.

This is still catching up with private data.

Core CPI ex-shelter was up 1.8% YoY in June, down from 1.9% in May.