There is some concern that inflation won’t abate further until housing inflation, especially rent inflation, abates further. This graph, though, suggests that there’s more to overall inflation’s stubbornness than just rent, or housing in general, inflation.

The CPI being largely flat the last few months, despite rapidly falling housing inflation, suggests a lack of importance of housing to overall inflation relative to other factors at current levels of both. Food inflation, reflecting what we actually buy rather than the government’s idealized and mythical sack of groceries, and fuel inflation, and energy inflation seem more significant factors.