The Consumer Price Index (CPI) for May showed that housing inflation remains high, despite overall inflation cooling. Excluding food, energy, and shelter, the CPI is at 1.9%. Inflation peaked in 2022 at 9.1%, with most CPI components showing lower inflation rates now. Saudi Arabia's annual inflation rate stayed at 1.6% for the third consecutive month, driven by higher housing rents.
With the exception of Transportation, every major CPI component has a lower rate of inflation today than in June 2022 when CPI peaked at 9.1%. Video: https://t.co/ROTX0ndBtf https://t.co/JG2ynwXhgc
#SaudiArabia’s annual inflation rate remained at 1.6 percent for the third month running in May, government data shows, with higher housing rents still the main driver. https://t.co/GWBMV1dPKP
Americans plagued by surging prices got another sign Wednesday that inflation is finally cooling. The CPI was flat compared to the previous month. and 3.3% higher than a year ago — cooler than April's data and lower than economist estimates. https://t.co/5kP772bha6
Wow Inflation explained in one chart. CPI peaked in 2022. https://t.co/ZfudbUOSZE
Back out food, energy, and shelter, and CPI is now 1.9% @yardeni https://t.co/RJMH9Pxzhi
May's Consumer Price Index contained one consistently frustrating piece of data for economists in an otherwise encouraging report: Housing inflation isn't coming down yet. https://t.co/zRur7ItvyB https://t.co/DNjy2LMzhZ