Thursday, July 14, 2022 / by Dave Magua
Housing costs eyed as major culprit in latest 9.1% inflation hike
Housing costs were one of the biggest drivers of inflation in June, pushing higher at a pace unseen since 1990, according to a report Wednesday from the Bureau of Labor Statistics.
American housing costs rose faster in June than in any month since 1990 — and the change was one of the biggest factors placing an increase strain on family budgets.
The prices of a broad range of consumer goods and services were 9.1 percent higher last month than they were a year ago, and rose 1.3 percent from May to June alone, according to a report Wednesday from the Bureau of Labor Statistics.
Housing costs for homeowners rose 5.5 percent over the past year, and saw a 0.7 percent bump from May to June alone. Over both periods, the bureau reported the fastest escalation in homeownership costs since 1990.
As an input to future reports, housing inflation could get worse before they get better, according to First American Chief Economist Mark Fleming.
“One headwind for the Fed’s fight N ...
American housing costs rose faster in June than in any month since 1990 — and the change was one of the biggest factors placing an increase strain on family budgets.
The prices of a broad range of consumer goods and services were 9.1 percent higher last month than they were a year ago, and rose 1.3 percent from May to June alone, according to a report Wednesday from the Bureau of Labor Statistics.
Housing costs for homeowners rose 5.5 percent over the past year, and saw a 0.7 percent bump from May to June alone. Over both periods, the bureau reported the fastest escalation in homeownership costs since 1990.
As an input to future reports, housing inflation could get worse before they get better, according to First American Chief Economist Mark Fleming.
“One headwind for the Fed’s fight N ...
