Housing Costs Surge In July, Accounting For 90% Of Total Inflation
- Shelter costs surged by 5.1% year-over-year and 0.4% month-over-month in July, surpassing expectations from Bank of America economists.
- The increase included a 0.5% rise in rent and a 0.4% rise in owners’ equivalent rent.
- Rental and owners’ equivalent rent costs have jumped nearly 24% since March 2020, while total inflation measured 2.9% year-over-year in July.
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Leaning Left1Leaning Right5Center1Last UpdatedBias Distribution71% Right