July Inflation Tops 3.2% Annual Rate With 90% Of Increase From Jump In Housing Costs
The US Bureau of Labor Statistics reports that for the month of July, while overall inflation remained stubbornly high at 3.2% as measured over twelve months, that hikes in housing costs accounted for 90% of that total.
“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
contributing.”
Housing costs for the year through July have risen every month with each monthly increase in costs well above the Federal Reserve target rate for inflation of 2% annually. Currently the twelve month rate of inflation for this critical sector of the economy stands at 7.7% according to government statistics.
We will continue to track this very important story so continue to check back.
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