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Observed rent keeps falling: Will CPI peak soon?
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NO- cpi lags by at least 6 months

short answer is No.
The rent component of CPI is revised every 6 months. Furthermore, OER occupies approximately 75% of the housing component in CPI. i.e. 23% of the total CPI weight.
OER is based on owner response surveys.. typically lagging the case shiller index anywhere from 12 to 18 months. Hence I believe the pivot would only come around mid or 3Q23.
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