The Coming Rise in Residential Inflation

نویسندگان

چکیده

Abstract We study how the recent run-up in housing and rental prices affects outlook for inflation USA. Housing held down overall 2021. Despite record growth private market-based measures of home rents, government-measured residential services was only 4% 12 months ending January 2022. After explaining mechanical cause this divergence, we estimate that, if past relationships hold, components Consumer Price Index (CPI) Personal Consumption Expenditure (PCE) are likely to move close 7% during These findings imply that will make a significant contribution 2022, ranging from one percentage point headline PCE, 2.6 points core CPI. expect remain elevated 2023.

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ژورنال

عنوان ژورنال: Review of Finance

سال: 2022

ISSN: ['1875-824X', '1572-3097']

DOI: https://doi.org/10.1093/rof/rfac048