Shelter costs accounted for more than half of the increase in core inflation, which factors out volatile energy and food prices, in the December consumer price index, published Thursday by the Department of Labor.
In December, the index saw both month-to-month and year-over-year inflation clocking in above projections. Monthly inflation increased by 0.3%, while yearly inflation rose by 3.4%, compared to estimates of 0.2% and 3.2%, respectively.
National Economic Council Director Lael Brainard briefed reporters on the administration’s response to the latest inflation numbers and conceded that the White House needs help from Congress to address shelter costs more rapidly.
“Rent affordability and housing affordability generally is an area that really