Sticker shock, a feeling as old as commerce itself, is no longer just an irksome, unexpectedly high bill. In the era of social media, overpaying for dinner is an invitation for anyone and everyone to publicly shake their fist over the health of the global economy.
Inflation is coming down and what remains high is housing rent, but that too is showing signs of decline over the next few months.
I guarantee you that by election day 2024 Biden is going to win big. People who look at polls today and think that Trump even stands a chance, are in for a big surprise.
Rents are not declining; they're at an all time high and still growing. Inflation, even though lower, is still positive, which means prices are still rising.
Where is that graph someone posted that showed inflation rates falling but had that asterisk that excluded food, rent, (and basically everything else that matters most). Tl;dr inflation is down on all the stuff you can't afford anyway.
That's the one!
This is wrong. The article you cited has data up until August 2023.
Asking rent has been declining since September 2023: https://www.rent.com/research/average-rent-price-report/
Bureau of Labor Statistics has a 12-month lag when it comes to housing price, which means that elevated rent is still counted in the CPI print. Expect to see CPI continues to fall over the next few months. The current round of inflation is over.
All the right wing economists who predicted a scary recession throughout 2022 and 2023 were wrong.
You're getting epicycles confused with long term trends. From your own source:
Also from your own source:
Yeah, that's how CPI works. Not sure what point you think you're making.
The CPI isn't falling, so I'm not sure where you're seeing a continuation: CPI for all items unchanged in October; shelter up
Rents are still up from the trough in February and we'd likely expect a similar pattern to happen next year assuming that the typical pattern holds. We're still above that bottom from earlier this year and to say that a seasonal cooling off represents entry into a longer deflationary cycle is ludicrous. None of that even addresses (again from your own source):
Cool?
Can you tell that to my landlord? They keep raising my rent :/
Never in the history of rent has rent gone down
This isnt true. Covid caused a sharp drop. Before that the housing crash in 2008 did as well.
The problem is that rent only went down on cataclysm. Otherwise, it just goes up.
The further problem is that it likely wont go down much on cataclysm anymore, as investment firms snap up cheap housing and use third parties algorithms to do rent price fixing.
I linked this article in another reply already: https://www.rent.com/research/average-rent-price-report/
Asking rent has been declining since September 2023. New rental leases have lower rent than a year prior. But because the Bureau of Labor Statistics has a 12-month lag in housing price, the elevated rent is still being counted in the CPI print, but this will continue to drop when new rental leases are being counted over the next few months.
Don't you love how the price of such a critical part of life is controlled by a so-called "free market"? Maybe we can try a different way of distributing housing and shelter to people?
Inflation is coming down? The people want prices to go back down
well the guy thinks rent prices are going down, so of course he is completely out of touch with reality
housing rent will never decline MFer