DAILY CALLER NEWS FOUNDATION—The cost of housing surged in July, accounting for nearly 90% of total inflation, according to the latest Bureau of Labor Statistics consumer price index data released Wednesday.
Shelter costs rose 5.1% year-over-year and 0.4% month-over-month, after rising 0.2% in June, the bureau showed. The 0.4% monthly increase was greater than Bank of America economists’ expectations of 0.3%, according to investment research firm Morningstar.
“The most disappointing aspect of this report was the shelter data,” Omair Sharif, founder of the research firm Inflation Insights, wrote in a note after the report, according to Yahoo Finance.
‘Disappointment’ came from shelter which contributed 90% of the July increase. OER up 0.36% after 0.27% in June. Still low compared to ’22-23 but moving in the wrong direction. I suspect rising insurance and…
