The core index, excluding shelter, has risen by 0.8 percent over the last year. There is no evidence whatsoever of accelerating inflation in the core index outside of shelter. Since the rise in the price of shelter is primarily the result of the limited supply of land in desirable areas, the inflation in this sector is not the result of conventional inflationary dynamics. For more, check out the latest Prices Byte.

Year-over-Year Growth in Core CPI and Core CPI without Shelter