Housing (PCE) was up 5.3% YoY in June, down from 5.5% in May, and down from the cycle peak of 8.3% in April 2023.
Since asking rents are mostly flat year-over-year, these measures will slowly continue to decline over the next year.
Since asking rents are mostly flat year-over-year, these measures will slowly continue to decline over the next year.
Key measures are slightly above the Fed's target on a 3-month basis. Note: There appears to be some residual seasonality distorting PCE prices in Q1, especially in January.
3-month annualized change:
PCE Price Index: 1.5%
Core PCE Prices: 2.3%
Core minus Housing: 1.8%
Core PCE Prices: 2.3%
Core minus Housing: 1.8%
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