by Calculated Risk on 9/11/2024 08:54:00 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 and is now up 4.3% YoY.

Click on graph for larger image.

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

Services were up 4.8% YoY as of August 2024, down from 4.9% YoY in July.

Services less rent of shelter was up 4.3% YoY in August, down from 4.6% YoY in July.

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 -4.2% YoY as of August 2024, down from -4.1% YoY in July.

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

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

Shelter was up 5.2% year-over-year in August, up from 5.0% in July. Housing (PCE) was up 5.3% YoY in July, down from 5.3% in June (rounded).

The BLS noted: "The index for shelter rose 0.5 percent in August and was the main factor in the all items increase."

This is still catching up with private data.

Core CPI ex-shelter was up 1.7% YoY in August, down from 1.8% in July.