Slowly But Surely?
Data due this week will show core inflation in the US ran at two and a half times the Fed's target last month, underscoring the case for another rate hike later this month.
Core prices probably rose 5% in June from a year ago, economists reckon. That'd be the slowest pace since November of 2021, the month before the Fed jettisoned "transitory" as a description of inflation. On a MoM basis, the core measure is seen posting a 0.3% increase following six consecutive 0.4% monthly gains (rounded up)
I make cow sculptures out of old 275 gal oil tanks. I use lots of rust-oleum paint. $4.98 pre-covid. $6.98 this spring. $7.98 yesterday at Home Depot Pittsfield, MA. Stuff I use is not slowing down in price. I would hate to build things for a living on a large scale.
My experience as well. It’s hard for me to see how housing is going to “moderate” given the costs of materials. My latest house cost 117/sq ft just for materials. That number doesn’t include buying the property or labor (I did the labor myself)
In my recent experience, I think building materials and permitting fees plus labor means new construction is going to be around $300/sq ft.