Inflation Softens In July To An Overall 12 Month Rate of 3.0% - Still 50% Higher Than Fed Target
In July 2023, while the overall annual inflation rate dropped by a full percentage point to 3.0%, rising housing costs accounted for roughly 70% of the increase in the consumer price index according to the US Bureau of Labor Statistics.
“The index for shelter was the largest contributor to the monthly all items increase, accounting
for over 70 percent of the increase, with the index for motor vehicle insurance also contributing.”
As a sector, housing costs have risen month over month since May 2020 with the annual rate of increase rising faster than the Federal Reserve target of 2.0% since April 2021 with most of the intervening 28 months since then rising at an annual rate much higher.
We will continue to track this very important story so continue to check back.
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