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Housing costs were by far the largest reason behind July's inflation, but that may soon moderate when the measure finally reflects cooling rental prices.
Yes. As the value of a dollar goes down over time and the price of goods and services increase, including the price of real estate, inflation will also raise the rent prices.
It's All About Housing: Rental Inflation and Its Measurement Play an Outsize Role in the Consumer Price Index. Price increases for new leases have fallen faster than average rent, which will contribute to declining inflation in the future.