Our alternative CPI update:
BLS Shelter running 3.2% over last 12 months, but more real time housing and shelter indicators only 0.5% last 12m-- still quite a large gap.
Using just this more real time update to CPI figures, we show official BLS CPI drops from 3.4% to 2.5% with real time shelter.
Real time Core CPI in a sweet spot--well below the Fed's 2% target at just 1.5% vs 2.5% official numbers.