The Cleveland Fed Inflation Nowcast doesn't expect the housing sector price growth slowdown to be reflected until the next report in June.
April 2024 CPI to be reported tomorrow, May 15; May 2024 CPI to be reported Jun. 12, 2024.
From the Federal Reserve Bank of Cleveland, May 14 (updated daily):
Inflation, month-over-month percent change
Month CPI Core CPI PCE Core PCE Updated
May 2024 0.12 0.30 0.12 0.23 05/14
April 2024 0.41 0.31 0.30 0.23 05/14
Note: If the cell is blank, it implies that the actual data corresponding to the month for that inflation measure have already been released.
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Related, the outro from May 10's "USDA World Agricultural Supply and Demand Estimates (WASDE): Food Inflation Down The Road":
These won't show up in the CPI or PCE deflator for months so in the meantime we should get a nice little inflation headfake lower from the housing component of the indices; setting up the next Presidential administration for a real mess in 2025 and 2026.
