PCE Measure of Shelter Still Accelerating YoY

Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through April 2023.

CPI Shelter was up 8.1% year-over-year in April, down from 8.2% in March. 

Housing (PCE) was up 8.4% YoY in April, up from 8.3% in March.

Since asking rents are soft and Year-over-year Rent Growth Continues to Decelerate this means both CPI and PCE measures are currently overstating actual inflation.