this post was submitted on 28 Nov 2023
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This is wrong. The article you cited has data up until August 2023.
Asking rent has been declining since September 2023: https://www.rent.com/research/average-rent-price-report/
Bureau of Labor Statistics has a 12-month lag when it comes to housing price, which means that elevated rent is still counted in the CPI print. Expect to see CPI continues to fall over the next few months. The current round of inflation is over.
All the right wing economists who predicted a scary recession throughout 2022 and 2023 were wrong.
You're getting epicycles confused with long term trends. From your own source:
Also from your own source:
Yeah, that's how CPI works. Not sure what point you think you're making.
The CPI isn't falling, so I'm not sure where you're seeing a continuation: CPI for all items unchanged in October; shelter up
Rents are still up from the trough in February and we'd likely expect a similar pattern to happen next year assuming that the typical pattern holds. We're still above that bottom from earlier this year and to say that a seasonal cooling off represents entry into a longer deflationary cycle is ludicrous. None of that even addresses (again from your own source):
Cool?