Another large jump in housing-related expenses in October is keeping the Federal Reserve’s preferred inflation index stuck above the central bank’s annual target. It’s the largest monthly expense for many American households.
The price of housing and utilities in the personal consumption expenditures, or PCE, price index was up 0.4% in October and 4.9% from a year earlier, according to the Bureau of Economic Analysis on Wednesday—both matching the September increases.
Overall services inflation was 0.4% last month and up 3.9% year over year. Housing is a big part of that, and it’s a slow-changing category in the inflation indexes. Rental leases tend to renew only once per year, while home sales are even less frequent.
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