The first graph is the one Fed Chair Powell has been mentioning.
Click on graph for larger image.
This graph shows the YoY price change for Services and Services less rent of shelter through February 2023.
Services less rent of shelter was up 6.9% YoY in February, down from 7.2% YoY in January.
The second graph shows that goods prices started to increase year-over-year (YoY) in 2020 and accelerated in 2021 due to both strong demand and supply chain disruptions.
Commodities less food and energy commodities were up 1.0% YoY in February, down from 1.3% YoY in January.
Here is a graph of the year-over-year change in shelter from the CPI report (through February) and housing from the PCE report (through January 2023)
Shelter was up 8.1% year-over-year in February, up from 7.9% in January. Housing (PCE) was up 8.0% YoY in January.
The BLS noted this morning: “The index for shelter was the largest contributor to the monthly all items increase, accounting for over 70 percent of the increase [in CPI]”.