Inflation continues to dog Americans thanks in large part to sky-high housing costs, which aren’t going away in the near future.
The cost of renting or buying a home has increased dramatically since President Joe Biden first took office, rising 5.65% from a year ago and 20.5% since January 2021, according to the Federal Reserve Bank of St. Louis.
In March, price increases in shelter and gasoline contributed to over half of the overall price level increase, with shelter prices having risen 0.4% or more per month since November, according to the Bureau of Labor Statistics.
