All-items CPI vs CPI excluding shelter. Shelter is ~35% of the index and lags market rents by about a year - the gap shows how much of inflation is housing arithmetic.
Source: U.S. Bureau of Labor Statistics (FRED) · CPIAUCSL, CUSR0000SA0L2Data through June 2026 · Updated Jul 14, 2026
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Chixan (2026). Is It All Just Shelter?. U.S. Bureau of Labor Statistics (FRED). https://chixan.com/charts/inflation/us_inflation_ex_shelter/
