by Calculated Risk June 12, 2024 8:50 AM
Here are some indicators of inflation:
The first graph shows Fed Chairman Powell mentioning that services, excluding residential rent, were up about 8% year over year. This number had declined but has recently started to rise and is now up 5.0% year over year.
Click on the graph to enlarge the image.
This chart shows year-over-year price changes through May 2024 for services and services excluding shelter rent.
Service charges (excluding shelter rent) increased 5.0% year-on-year in May, up from a 4.9% year-on-year increase in April.
The second chart shows that commodity prices began to rise year-over-year in 2020 and accelerated in 2021 due to both strong demand and supply chain disruptions.
Commodities excluding food and energy products were down 1.7% year-on-year in May, down from -1.2% year-on-year in April.
Below is a graph of the year-over-year change in housing from the CPI report (through May) and the PCE report (through April).
Shelters increased 5.4% in May from a year ago.Down from 5.5% in April. Housing (PCE) rose 5.6% year-over-year in April, down slightly from 5.8% in March.
This is still catching up with private data. The BLS noted this morning:The housing index rose in May, increasing for the fourth consecutive month by 0.4%.“
Core CPI, excluding housing, rose 1.9% year-on-year in May, down from 2.1% in April.
