CPI shelter
MacroDefinition
The largest single component of CPI (~33%). Combines two pieces: rent of primary residence (where renters report) and owners' equivalent rent (an imputed rent for homeowners).
Shelter lags market rents by ~12 months because the BLS rotates through samples slowly. The 2022-2023 shelter inflation peak was already old news in real-time market data — Zillow rents had been falling for a year.
Shelter lags market rents by ~12 months because the BLS rotates through samples slowly. The 2022-2023 shelter inflation peak was already old news in real-time market data — Zillow rents had been falling for a year.