Shelter CPI has now moved down on a YoY basis for 9 consecutive months, from a peak of 8.2% in March 2023 (highest since 1982) to 6.2% today. Given its long lag vs. real-time data, a continued move lower is expected which should lead to a continued decline in core inflation.

Why is Shelter CPI still elevated @ 6.2% while asking Rents are down 1.0% YoY?
Shelter CPI is a lagging indicator that wildly understated true housing inflation in 2021 & first half of 2022.
Shelter CPI has been playing catch up ever since, slowly narrowing a gap that has finally been closed. It now shows a 21.0% increase since the start of 2020 vs. a 19.7% increase in asking Rents.