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3.4% Year-Over-Year Coming Up

My expectation is primarily based on easy year-over-year comparisons plus smaller increases in some key indexes. 

If the price of energy moderates, then things will likely turn lower. 

Shelter, not energy, is the key component and I strongly disagree with the BLS methodology of using rent instead of home prices. 

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For discussion of what the CPI would look like if actual home prices were used, please see Hello Fed, Inflation is Rampant and Obvious, Why Can't You See It?