Housing Costs Surge In July, Accounting For 90% Of Total InflationOwen Klinsky
Contributor
August 14, 2024 2:52 PM ET
The cost of housing surged in July, accounting for nearly 90% of total inflation, according to the latest Bureau of Labor Statistics Consumer Price Index (CPI) data released Wednesday.
Shelter costs rose 5.1% year-over-year and 0.4% month-over-month, after rising 0.2% in June, the BLS showed. The 0.4% monthly increase was greater than Bank of America economists’ expectations of 0.3%, according to investment research firm Morningstar.
“The most disappointing aspect of this report was the shelter data,” Omair Sharif, founder of the research firm Inflation Insights, wrote in a note after the report, according to Yahoo Finance.
https://twitter.com/benjaminMlavine/status/1823702778285281358The July increase in shelter costs was comprised of a 0.5% increase in rent, a 0.4% increase in owners’ equivalent rent and a 0.2% increase in lodging away from home, BLS data showed.
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