‘Mysterious’: Shelter Costs Continue To Surge Under Biden-Harris Administration
Housing costs surged in August despite a broader drop in inflation, according to the latest Bureau of Labor Statistics (BLS) release on Wednesday. Shelter costs rose 5.2% year-over-year and 0.5% on a monthly basis in…
Housing costs surged in August despite a broader drop in inflation, according to the latest Bureau of Labor Statistics (BLS) release on Wednesday.
Shelter costs rose 5.2% year-over-year and 0.5% on a monthly basis in August, accounting for over 70% of total inflation and accelerating from the 5.1% annual housing inflation seen in July, BLS data shows. The cost increase represented the largest gain in the category in seven months, and came despite a decrease in the overall rate of inflation, which fell to 2.5% in August, down from 2.9% in July, according to MarketWatch.
“The curveball was the re-acceleration in rents and owners’ equivalent rent,” Michael Pearce, deputy chief U.S. economist at Oxford Economics, told Barron’s.