My rent alone went up something like 20%. Look at gas. Or wood. Or food. It's like watching money slowly disappear. Here's hoping it really is transitory.
Your example is certainly atypical. BLS says rent is up 1.9% YOY.
> Look at gas
Mostly correct, up 42% YOY.
> Or wood
Can't find the BLS stats for this, probably because the amount of lumber the median household buys is approximately zero.
> Or food
BLS says it's up 2.6% YOY. Are you sure something like https://en.wikipedia.org/wiki/Availability_heuristic isn't messing with your perception?
As for wood, I agree not everyone is out buying lumber. But that affects lots of things. Have you priced out a shed, fixing a deck, or new run of fence? It also apparently affects furniture and such to some degree. New home builders near me were putting huge 'lumber' addendums on their previous pricing.
Food is a little trickier. Grocery just 'feels' more expensive, but admittedly, I don't have any data to back that up. I can certainly cede that point.
So rents in large metros are going down and rents in small areas are going up.
New York-Newark-Jersey City: down 0.2% YOY
Los Angeles area: up 0.8% YOY
Chicago-Naperville-Elgin: up 2.9% YOY
all figures from https://www.bls.gov/regions/subjects/consumer-price-indexes....
By wealthy, I mean top 10-15% of salaries, not any of the definitions that people in the top 10-15% of salaries cook up to make themselves seem working class.
How is that only "mostly" correct?
That is high, many companies were still 3-5% in 2021, hard to predict what 2022 will look like but I am not expecting much in as many companies seem to not understand that is happening in the market...