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Special Report

Housing Cost Inflation Research Brief

March 2024

Inflation Calculations Late in Reflecting Moderated Rent Growth

Shelter costs elevate inflation results. January’s consumer price index (CPI) was up 3.1 percent from the same month a year prior, topping the generally anticipated annual inflation level of 2.9 percent. A larger-than-expected bump in housing costs influenced the CPI results. Shelter expenses climbed 6 percent year over year, according to the report, and the pace of price growth during the month of January ticked up a hair from December’s reading. Many housing market experts immediately questioned the validity of the latest findings. 

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