PCE Measure of Shelter Slows to 7.2% YoY in September

Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through September 2023.

CPI Shelter was up 7.1% year-over-year in September, down from 7.2% in August, and down from the cycle peak of 8.2% in March 2023.

Housing (PCE) was up 7.2% YoY in September, down from 7.4% in August, and down from the cycle peak of 8.3% in April 2023.

Since asking rents are slightly negative year-over-year, these measures will continue to slow over coming months.