CPI Shelter was up 6.2% year-over-year in December, down from 6.5% in November, and down from the cycle peak of 8.2% in March 2023.
Housing (PCE) was up 6.4% YoY in December, down from 6.7% in November, and down from the cycle peak of 8.3% in April 2023.
Since asking rents are mostly flat year-over-year, these measures will continue to slow over coming months.
Since asking rents are mostly flat year-over-year, these measures will continue to slow over coming months.
The second graph shows PCE prices, Core PCE prices and Core ex-housing over the last 6 months (annualized):
Key measures are now at or below the Fed's target on a 6-month basis.
PCE Price Index: 2.0%
Core PCE Prices: 1.9%
Core minus Housing: 1.1%
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.