Housing continues to be, by far, the biggest factor adding any substantial price pressure in the index. The shelter component rose 0.4 percent and is now up 3.3 percent over the last year. The core index excluding shelter has risen just 1.2 percent over the last year.

There continues to be considerable variation across cities in the pace of rental inflation, with the West Coast cities being the bulk of the inflation story. Rental inflation is slowing in some formerly hot markets. For example, owners’ equivalent rent of primary residences has increased by 2.4 percent in New York over the last year and just 1.7 percent in Washington, DC. By contrast, it is up by 3.7 percent in San Francisco, 4.0 percent in Boston, 4.7 percent in Los Angeles, and 6.1 percent in Seattle.

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