Again the real number is not 9.1% as reported by the media but is instead much higher. Regardless it is skyrocketing.
In another worrisome sign, shelter costs – which account for roughly one-third of the CPI – sped up again in June, climbing 0.6%, matching an 18-year high set in May. On an annual basis, shelter costs have climbed 5.6%, the fastest since February 1991.
Rent costs also surged in June, jumping 0.8% over the month, the largest monthly increase since April 1986. Rising rents are a concerning development because higher housing costs most directly and acutely affect household budgets. Another data point that measures how much homeowners would pay in equivalent rent if they hadn't bought their home, also jumped 0.7% in June from the previous month.
If you are looking for a place to live right now? Yikes.
You can't afford gas, you can't afford food, you can't afford a place to live. How are people going to respond to this?
The cracks in the current world order are getting larger by the day and at this point any sort of soft landing seems out of the question. What remains to be seen is just how hard it hits the ground and who gets to pick up the pieces afterward.