Core CPI ex-shelter was negative the previous two months. The way BLS measures shelter is notoriously laggy. High-frequency metrics of shelter inflation (e.g. Z

Core CPI ex-shelter was negative the previous two months. The way BLS measures shelter is notoriously laggy. High-frequency metrics of shelter inflation (e.g. Zillow data)[1] is falling off a cliff. The upshot is that while CPI is probably over-measuring inflation today, and we're basically back to baseline, earlier in the year we were probably running closer to 11-12% inflation with the real housing numbers. [1]https://www.zillow.com/research/rent-inflation-31602/ https://www.zillow.com/research/rent-inflation-31602/