{"id":20196,"date":"2022-03-15T12:34:47","date_gmt":"2022-03-15T12:34:47","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=20196"},"modified":"2022-03-15T12:34:49","modified_gmt":"2022-03-15T12:34:49","slug":"soaring-housing-costs-contribute-to-highest-inflation-in-40-years","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/soaring-housing-costs-contribute-to-highest-inflation-in-40-years\/","title":{"rendered":"Soaring Housing Costs Contribute to Highest Inflation in 40 Years"},"content":{"rendered":"\n

Soaring Housing Costs Contribute to Highest Inflation in 40 Years<\/p>\n\n\n\n

Housing costs are one of the top three categories causing inflation in the U.S. to surge, the U.S. Department of Labor announced Thursday. The largest items in households\u2019 budgets\u2014shelter, gasoline, and food\u2014were the main culprits in February that fueled the highest inflation rates since 1982.<\/p>\n\n\n\n

The Consumer Price Index, which measures price fluctuations in goods and services, increased 7.9% in February compared to a year earlier.<\/p>\n\n\n\n

\u201cThere\u2019s nowhere to hide,\u201d Greg McBride, chief financial analyst for Bankrate, told CNBC. \u201cThis is hitting everybody \u2026 [with inflation] most pronounced on items that are necessities.\u201d<\/p>\n\n\n\n

Household grocery bills increased 8.6% over the last year; that is the fastest pace since 1981. Gasoline prices are up 38% compared to a year ago, although that statistic does not reflect the latest increases at the pump following Russia\u2019s invasion of Ukraine.<\/p>\n\n\n\n

Shelter costs such as rents are up 4.7% compared to last year. That is the highest since May 1991. \u201cThat comparatively benign increase \u2026 is likely to put the biggest squeeze on household budgets for the remainder of the year,\u201d McBride told CNBC. Housing comprises more than a third of households\u2019 average budgets.<\/p>\n\n\n\n

Also, mortgage rates rose this week in response to higher inflation<\/a>, averaging 3.85%, Freddie Mac reports.<\/p>\n\n\n\n

\u201cWhile it\u2019s too soon to know how the war in Ukraine will affect the U.S. economy, it seems that it will continue to put upward pressure on inflation,\u201d Nadia Evanelou, senior economist and director of forecasting at the National Association of REALTORS\u00ae, writes on the association\u2019s blog.<\/p>\n\n\n\n

In an attempt to try to tame inflation, the Federal Reserve is expected to start raising its short-term interest rates next week. Source:\u00a0\u201cThere Is \u2018Nowhere to Hide\u2019 for Consumers as Inflation Hits Food, Gas, Housing<\/a>,\u201d CNBC (March 10, 2022) and \u201cInstant Reaction: Mortgage Rates, March 10, 2022<\/a>,\u201d National Association of REALTORS\u00ae Economists\u2019 Outlook blog<\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Soaring Housing Costs Contribute to Highest Inflation in 40 Years Housing costs are one of the top three categories causing inflation in the U.S. to surge, the U.S. Department of Labor announced Thursday. The largest items in households\u2019 budgets\u2014shelter, gasoline, and food\u2014were the main culprits in February that fueled the highest inflation rates since 1982. … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-20196","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nSoaring Housing Costs Contribute to Highest Inflation in 40 Years - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/soaring-housing-costs-contribute-to-highest-inflation-in-40-years\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/soaring-housing-costs-contribute-to-highest-inflation-in-40-years\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/soaring-housing-costs-contribute-to-highest-inflation-in-40-years\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Soaring Housing Costs Contribute to Highest Inflation in 40 Years\",\"datePublished\":\"2022-03-15T12:34:47+00:00\",\"dateModified\":\"2022-03-15T12:34:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/soaring-housing-costs-contribute-to-highest-inflation-in-40-years\\\/\"},\"wordCount\":327,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/soaring-housing-costs-contribute-to-highest-inflation-in-40-years\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/soaring-housing-costs-contribute-to-highest-inflation-in-40-years\\\/\",\"name\":\"Soaring Housing Costs Contribute to Highest Inflation in 40 Years - 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