Here are a few measures of inflation:
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.
Here is a graph of the year-over-year change in shelter from the CPI report (through May) and housing from the PCE report (through April)
The first graph is the one Fed Chair Powell had mentioned when services less rent of shelter was up around 8% year-over-year. This declined, but has turned up recently, and is now up 5.0% YoY.
Click on graph for larger image.
This graph shows the YoY price change for Services and Services less rent of shelter through May 2024.
Services were up 5.2% YoY as of May 2024, unchanged from 5.2% YoY in April.
Services less rent of shelter was up 5.0% YoY in May, up from 4.9% YoY in April.
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.
Durables were at -3.7% YoY as of May 2024, down from -3.2% YoY in April.
Commodities less food and energy commodities were at -1.7% YoY in May, down from -1.2% YoY in April.
Here is a graph of the year-over-year change in shelter from the CPI report (through May) and housing from the PCE report (through April)
Shelter was up 5.4% year-over-year in May, down from 5.5% in April. Housing (PCE) was up 5.6% YoY in April, down slightly from 5.8% in March.
This is still catching up with private data. The BLS noted this morning: “the index for shelter rose in May, up 0.4 percent for the fourth consecutive month.“
Core CPI ex-shelter was up 1.9% YoY in May, down from 2.1% in April.