Rents Rise Most in 30 Years, Signaling More Pain for Americans
- Primary residence rent index up most since 1987 in February
- CPI report underscores ongoing upward pressure on inflation
The Upper West Side of Manhattan in New York.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
A measure of rents in the U.S. posted the largest monthly increase in three decades, underscoring an increasingly high cost of living that’s poised to contribute even more to inflation this year.
The index for rent of primary residence increased 0.6% in February from the prior month, the most since 1987, according to Bureau of Labor Statistics data released Thursday. It was part of an acceleration across the broader shelter category, which accounted for more than 40% of the monthly increase in an index of consumer prices excluding food and energy.