Rents are a closely-watched category of the monthly Consumer Price Index.
The Consumer Price Index rose just 0.1% in May from a month earlier, according to Labor Department data — in line with economists’ expectations, and down from the 0.4% increase recorded between March and April. On a yearly basis, consumer prices rose by 4% in May, lower than the 4.9% rate notched in April, and the smallest annual increase seen since March 2021.
The Consumer Price Index rose just 0.1% in May from a month earlier, according to Labor Department data — in line with economists’ expectations, and down from the 0.4% increase recorded between March and April. On a yearly basis, consumer prices rose by 4% in May, lower than the 4.9% rate notched in April, and the smallest annual increase seen since March 2021.
That decrease might appear modest. But it’s enough to lead some economists to say that annual rent inflation has already peaked for tenants hammered by the massive price increases in 2022 that have since slowed to a trickle. What’s more, the Consumer Price Index’s rent-price data lags the actual rental market by about a year. The White House Council of Economic Advisors said in a blog post published in late April that the current softening of rental prices “will not begin to show up in CPI until the second half of 2023, at which point we expect housing to broadly start contributing less to monthly CPI.”
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