Even while fresh data indicates that overall price rises are slowing down, housing costs continue to rise, and rising rent prices highlight how challenging it may be to keep inflation under control.
According to the Consumer Price Index report released last week, prices were 8.3 percent higher in August than they were in the same month last year.
Although it’s slower than the previous month, when inflation increased by 8.5 percent, this level of inflation is still uncomfortably high for both consumers and policymakers.
Between July and August, prices increased by 0.1 percent.
The cost of rent has also gone up, which has been one of the main causes of inflation.
Zillow data show that the average US monthly rent in August was $2,090, an increase of 12.3% from the previous year.
