As expected, "owner's equivalent rent" has awoken from its dormancy. It's the largest part of September's inflation, contributing 23% of the total rise in prices.
US CPI/PPI
US CPI/PPI
Tuesday, September 14, 2021
Owners' Equivalent Rent is the hottest subcategory, and that's a concern for the future as rents catch up with property prices. But other than that, transitory inflation is looking transitory.
US CPI/PPI
Wednesday, August 11, 2021
The trajectory of CPI deflects a bit. Thank used cars -- last month they contributed 33 bp to a 90 bp bump in CPI. This month, only 1 bp out of 50 bp. See our new feature on page 2, a detailed look at what components are contributing what to CPI.
US CPI/PPI
Tuesday, July 13, 2021
The Fed is getting its wish -- CPI above its target trend level, at last. Owners' equivalent rent begins to tick up, an influential but lagging component.
US CPI/PPI
Thursday, June 10, 2021
A new monthly feature on page 2: tracking the Fed's "optimal control" of "transitory" inflation above the pre-pandemic trend and (hopefully) back down to it.
US CPI/PPI
Wednesday, May 12, 2021
If you didn't believe us before about the Phillips Curve, how about now? CPI at a decade-plus high with unemployment still at recession levels.
US CPI/PPI
Wednesday, March 10, 2021
CPI at its highest reading in a year. Next month will be really weird, when the year-on-year comparable will be the deflationary lockdown.
US CPI/PPI
Wednesday, February 10, 2021
Year over year CPI took a tiny uptick and missed expectations. But recent months are running hotter, all the more so if you back out owner's equivalent rent.
US CPI/PPI
Wednesday, January 13, 2021
Calm down! December CPI grew at a 4.5% annual rate. But energy grew at 60.9%, thanks to rising oil prices. Take that out, and CPI grew only 1.5%.