Rex Nutting: America’s inflation problem isn’t high wages, it’s high rent

While the Federal Reserve is busy worrying that wages might be rising too fast, the rest of us have a different concern: The rent’s too damn high.

If we have an inflation problem, it’s that the cost of housing is rising faster than our ability to pay.

The consumer price index (CPI) increased 2.2% in the past 12 months, the Bureau of Labor Statistics reported Tuesday. Nearly half of that 2.2% gain was due to just one item in the consumers’ budget: The cost of putting a roof over your family’s head.

The accompanying chart shows which goods and services contributed the most to inflation over the past year.

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