The core CPI excluding shelter has risen just 0.6 percent over the last year. The annualized rate of core inflation, excluding shelter, in the last three months compared with the prior three is actually -0.6 percent. In other words, core inflation would be negative if not for the rise in rental prices. For more, check out the latest Prices Byte.

Year-over-Year Growth in Core CPI and Core CPI minus Shelter, 2011 to 2017