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PCE Measure of Shelter Still Accelerating YoY


Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through March 2023:

CPI Shelter was up 8.2% year-over-year in March, up from 8.1% in February. 

Housing (PCE) was up 8.3% YoY in March, from 8.2% in February.

Since rents are soft and “Apartment Market Continues to Loosen” this means both CPI and PCE measures are currently overstating actual inflation.

Friday: Personal Income & Outlays

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