US Inflation Stays Hot as Housing Cost Growth Persists

By Fan-Yu Kuo
NAHB – Eye on Housing
April 10, 2024
Category: Finance & Economics
Region: United States

Consumer prices continued to rise in March, with shelter and gasoline prices driving over half of the total increase. This marks the third consecutive strong reading. Despite a slowdown in the year-over-year increase, shelter costs continue to put upward pressure on inflation, accounting for over 60% of the total increase in all items excluding food and energy. This ongoing elevated inflation is likely to keep the Federal Reserve on hold and delay rate cuts this year. …With respect to the aggregate data, the Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.4% in March on a seasonally adjusted basis, the same increase witnessed in February. In March, the index for shelter (+0.4%) and gasoline (+1.7%) continued to be the largest contributors to the monthly rise in the overall CPI. …During the past twelve months, on a non-seasonally adjusted basis, the CPI rose by 3.5% in March, following a 3.2% increase in February.

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