Economists like to strip food and energy out of their inflation calculations
They’re too volatile to be meaningful, they say. But for everyday Americans coping with exploding prices, those items are pretty much all they care about right now.
For two straight months, the primary consumer expenses — fuel, power, and grocery-store food — have all been rising at double-digit annual rates for the first time since 1981.
This week’s consumer price index report is forecast to show annual inflation rising at a pace of 8.2% in May
Barclays Plc calculates that monthly power bills will be almost 50% higher than last year.
US consumers currently owe about $22 billion in overdue utility bills, almost double the $12 billion seen in a typical year.
Shelter costs lag other CPI categories because of how the government tracks the data, so the category could increase further in the second half
Bloomberg 9 June 2022
Between 2001 and 2020, rents shot up by 150% ... at the same time CPI’s measure of housing costs grew by a mere 54%.
https://englundmacro.blogspot.com/2022/05/between-2001-and-2020-rents-shot-up-by.html
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