What this measures
Shelter is the largest single piece of the Consumer Price Index. Most of it is owners’ equivalent rent: an estimate of what homeowners would pay to rent their own homes, not home prices or mortgage payments.
Because leases renew slowly, shelter inflation lags market rents by roughly a year. That is why it kept rising through 2023 after new-lease rents had already cooled.
Source: BLS CPI shelter index via FRED (CUUR0000SAH1). Updated automatically when the source publishes. How we handle data · Embed this chart