Housing and accommodation costs rose more in August than any month since 1991
Housing and accommodation have become bananas.
According to the August consumer price index, released on Tuesday, house prices increased by 0.7% from July to August 2022.
That's the biggest one-month jump the metric has had since 1991, according to an Axios Macro newsletter.
The newsletter's author, Neil Irwin, summed it up: "The rent, it's quite reasonable to say, is damned too high," he wrote.
This month's CPI, which measures the average change over time in the price of a basket of goods and services for an urban consumer, was somewhat disappointing after the headline CPI remained unchanged in July. on a crazy inflation train.
"August's CPI reminds us that we don't always get what we want," Mark Hamrick, senior economics analyst at Bankrate, said in an emailed press release.
>The CPI increased by 0.1% between July and August. Year-to-date, across all items measured by the CPI, from gas to food to rent, the CPI rose 8.3% before seasonal adjustment.
"These numbers represent pricing issues for consumers and pressures for companies trying to get out of it," Hamrick added.
Seventy-five percent of 1,479 small businesses surveyed in Goldman Sachs' 10,000 Small Business program said inflation had had a negative impact on the health of their business over the past six months .
By many measures, rent prices have risen across the country, from Manhattan, where rent topped the average $5,000 a month in June for the first time, to Austin, to Boise.
The CPI's housing measure includes rental prices for those who rent, the owner's equivalent rent (LCO) for those who own their homes, and the costs of obtaining "housing away from home" , among other factors.
The day after 9/11, this family jam business lost all of its airline operations. But One Son's strategic rebranding brought lasting success.
The art of active listening requires leaving your ego behind
Using this color in your Facebook ads could increase your click-through rate
Nearly 3 decades ago I wrote myself a check for a million dollars when I had nothing. Here's why.
Housing and accommodation have become bananas.
According to the August consumer price index, released on Tuesday, house prices increased by 0.7% from July to August 2022.
That's the biggest one-month jump the metric has had since 1991, according to an Axios Macro newsletter.
The newsletter's author, Neil Irwin, summed it up: "The rent, it's quite reasonable to say, is damned too high," he wrote.
This month's CPI, which measures the average change over time in the price of a basket of goods and services for an urban consumer, was somewhat disappointing after the headline CPI remained unchanged in July. on a crazy inflation train.
"August's CPI reminds us that we don't always get what we want," Mark Hamrick, senior economics analyst at Bankrate, said in an emailed press release.
>The CPI increased by 0.1% between July and August. Year-to-date, across all items measured by the CPI, from gas to food to rent, the CPI rose 8.3% before seasonal adjustment.
"These numbers represent pricing issues for consumers and pressures for companies trying to get out of it," Hamrick added.
Seventy-five percent of 1,479 small businesses surveyed in Goldman Sachs' 10,000 Small Business program said inflation had had a negative impact on the health of their business over the past six months .
By many measures, rent prices have risen across the country, from Manhattan, where rent topped the average $5,000 a month in June for the first time, to Austin, to Boise.
The CPI's housing measure includes rental prices for those who rent, the owner's equivalent rent (LCO) for those who own their homes, and the costs of obtaining "housing away from home" , among other factors.
The day after 9/11, this family jam business lost all of its airline operations. But One Son's strategic rebranding brought lasting success.
The art of active listening requires leaving your ego behind
Using this color in your Facebook ads could increase your click-through rate
Nearly 3 decades ago I wrote myself a check for a million dollars when I had nothing. Here's why.
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