Shelter isn't housing, it's rent. Housing is up much more -- 21.7% YoY (as of January 2022, on top of 9% the previous year [1]) -- but that isn't directly captu

Shelter isn't housing, it's rent. Housing is up much more -- 21.7% YoY (as of January 2022, on top of 9% the previous year [1]) -- but that isn't directly captured in the CPI. Shelter CPI goes approximately as a massive low-pass filter on the product of (housing prices x mortgage rates), and so rising interest rates can carry shelter up higher, even after housing prices plateau. [1]: https://fred.stlouisfed.org/series/csushpinsa https://fred.stlouisfed.org/series/csushpinsa