Forget the CPI: Rents Are Climbing at the Hottest Pace in Six Years

While the CPI dropped in November because of gasoline prices, price inflation is bubbling beneath the surface.

The gasoline index fell 6.6 percent. (Before seasonal adjustment, gasoline prices fell 8.9 percent in November.)

But, the index for food at home rose 0.1 percent in November and has risen 3.4 percent over the past year. The index for food away from home increased 0.4 percent in November,  its largest increase since January 2012, and has risen 2.9 percent over the past year.  The index for  meats, poultry, fish, and eggs increased 0.6 percent in November The index for beef and veal rose 0.8 percent, its tenth consecutive increase. The index for nonalcoholic beverages rose 0.5 percent,  and the index for other food at home increased 0.4 percent.

Annual rent inflation hit 3.5% in November — the hottest growth since November 2008 — up from 3.3% in October.