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When Is Shelter Services Inflation Coming Down?

Author

Listed:
  • Òscar Jordà
  • Aren S. Yalcin

Abstract

Shelter costs are one of the largest expenses for most households and an important component of overall inflation. It is therefore important to understand why shelter costs have remained stubbornly high. A key explanation is that, especially since the pandemic, demand for housing has been growing faster than new units have come into the market. Using the gap between the demand for and supply of housing along with other leading indicators of shelter prices can help assess whether shelter inflation will continue on a path toward historically normal levels.

Suggested Citation

  • Òscar Jordà & Aren S. Yalcin, 2024. "When Is Shelter Services Inflation Coming Down?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2024(23), September.
    • Handle: RePEc:fip:fedfel:98760
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