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That last mile on inflation?

Yeah, we're not there yet.

From American public media, this is Marketplace.

In Baltimore, I'm Amy Scott in for Kai Rizdal.

It's Wednesday, November 13th.

Good to have you with us.

The latest inflation news is pretty much as expected, stuck.

The Labor Department said consumer prices rose 2.6% in October compared to the same time a year ago. The monthly increase was 0.2% for the fourth month in a row. One reason for the stalled progress, the price of shelter, which was up 5% year over year. And while that sounds like a big increase,

rent inflation has actually been slowing down. Marketplace's Justin Ho is on the cold comfort

beat today. The thing about the CPI report and the way it tallies up shelter costs is that it

tends to reflect leases that were signed a while ago.

Michael Puglisi, senior economist at Wells Fargo, says other private sector data show that today's rents have slowed down even further.

Look at, say, the Zillow indicators as just an example.

Year over year, they're about what they were pre-pandemic, 3, 4, 5%.

Puglisi says the slowdown in rent inflation reflects the cooling in the broader economy.

There's less turnover in the labor market than a year ago.

Earnings growth has come down.

And it makes sense that that would then over time kind of be reflected in.

You're not going to sustain these 10% or even higher rent numbers that you were seeing a couple years ago.

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