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Biggest Jump in US Rents Since 1991 Keeps Overall Inflation High

  • Shelter costs have risen at rapid pace in last several months
  • Moderation should begin next year but inflation will stay high
A "For Rent" sign outside an apartment building in the East Village neighborhood of New York.
A "For Rent" sign outside an apartment building in the East Village neighborhood of New York.Photographer: Gabby Jones/Bloomberg
Updated on

US rental inflation accelerated in August as shelter costs rose 0.7%, marking the biggest monthly increase since 1991 and keeping overall inflation elevated.

The August data, published in a Labor Department report on consumer prices Tuesday, followed several months in which measures of rents in the consumer price index logged the biggest gains in more than three decades. Analysts say rents have more room to run in the months ahead as more leases expire and incorporate higher market prices.