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Comment by 111111IIIIIII | Hacker News Reader

What does this mean?

If you are referring to "shelter up": "shelter" is one of the elements of the index. It refers mostly to the cost of housing. So, rent's up.

I don't think rent has gone down in my 35 years of breathing...

Right after lockdown COVID restrictions got slightly lifted from the full-scale lockdown in a European country, the prices slightly dropped for some months, only to start raising again (and this month is all-time record for raises).

I seem to recall an event in 2020 where rent in NYC of all places drastically dropped.

Bingo! Let's just do that again...

It did temporarily in Sydney in 2020/2021, but back to normal now

Here is what I don't understand. Interest rates keep going up so mortgages keep going up so rents keep going up (this is more pronounced in places that have shorter mortgage terms like Canada). Then we bemoan inflation in housing?

The general public bemoans inflation in everything all the time. I’ve been hearing about the overpriced real estate market and the upcoming bubble burst since 2013.

Rent's up .4 percent, or around 5% annualized. Rent's up but not very much.

It’s even down according to ApartmentList.

lmao

I would suggest reading the summary of the news release and checking back in after that with any remaining, more specific questions.

The page says the monthly USA CPI came in at 0.2% which is quite low as if that trend continues, it will equate to a 2.4% annual inflation number.

The 'Shelter up' in the comment refers to this statement found in the report:

The index for shelter was the largest contributor to the monthly all items increase, accounting for over 70 percent of the increase

That means rents are still going up and they also account for the largest rise in monthly inflation.

I have been holding that housing will never decrease in price since the big COVID spike, and it seems to be playing out.

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June on a seasonally adjusted basis, after increasing 0.1 percent in May.

Over the last 12 months, the all items index increased 3.0 percent before seasonal adjustment

Hopefully the 12 month is will stay below 4% so I won't get as big of a paycut this year.

Inflation was expected to go down not up.

This report is actually better than expected: https://www.cnbc.com/2023/07/12/inflation-rose-just-0point2p...

No, the consensus estimate was a .3% rise, so a .2% rise is lower than expected by Wall Street analysts. You may be confusing rate vs level.

This column found on that page indicates inflation has gone down:

    Un-adjusted 12-mos. 
    ended Jun. 2023 
    3.0%

I'm pretty sure the last reported USA annual inflation figure was 4%.

It did go down.

It did go down. You’re confusing disinflation with deflation.

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