Here are a few measures of inflation:
The first graph is the one Fed Chair Powell had mentioned when services less rent of shelter was up 7.6% year-over-year. This has fallen sharply and is now up 3.3% YoY.
This graph shows the YoY price change for Services and Services less rent of shelter through July 2023.
Services less rent of shelter was up 3.3% YoY in July, up from 3.2% YoY in June.
Commodities less food and energy commodities were up 0.9% YoY in July, down from 1.4% YoY in June.
Shelter was up 7.7% year-over-year in July, down from 7.8% in June. Housing (PCE) was up 8.0% YoY in June, down from 8.3% in May.
The BLS noted this morning: “The index for shelter was by far the largest contributor to the monthly all items increase,
accounting for over 90 percent of the increase, with the index for motor vehicle insurance also