U.S. inflation is likely to remain elevated in coming months as a result of skyrocketing housing costs, which economists warn could be slow to moderate.
FreedomWorks chief economist Steve Moore provides insight on inflation declining, boosting the value of King Dollar and future economic concerns on 'Kudlow.'
Rising rents are a concerning development because higher housing costs most directly and acutely affect household budgets. Another data point that measures how much homeowners would pay in equivalent rent if they had not bought their home also jumped 0.7% in June from the previous month. Economists at the Federal Reserve Bank of San Francisco recently projected that steeper housing costs could add up to 1.1 percentage point to the headline CPI number in both 2022 and 2023.
"And as you know, rents have gone up dramatically, house prices have gone up dramatically," Fleming said. "There’s more headwind pressure on one of the largest components of inflation – shelter – right now. It will eventually turn because the Fed’s actions are sort of cooling things. But that will take a while to show up.
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