Surging housing costs are the engine driving this week’s worrisome Consumer Price Index report — and it's going to be tough to bring them down.
Surging housing costs are the engine driving Tuesday's worrisome Consumer Price Index report — and it's going to be tough to bring them down.The inflation numbers provoked a fresh round of worry that the Fed still hasn't gotten inflation under control, and that it'll have to raise interest rates quite a bit more.Core U.S. inflation — that is, price increases stripping out volatile food and energy costs — jumped more than expected in August.
Owners' equivalent rent, a measure that tries to capture the monthly costs homeowners would pay to rent their home, was up 6.3%.Purchase prices for homes. The COVID-related housing boom pushed the median purchase price of an existing home up roughly 50%.While the surge in mortgage ratesSo there's little reason to think inflation is going to suddenly abate much either.
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