Rent is the 'largest contributor' to inflation. See where it is going up (or down)
Rental prices were by far the “largest contributor” to the rise in inflation on an annual basis in March, according to data released by the Bureau of Labor Statistics. While consumers paid less for gasoline and grocery, causing the consumer-price index – a widely used measure of inflation – to moderate to 5% in March from a year earlier, housing costs went up 8% during the same time period. “This more than offset a decline in the energy index, which decreased 3.5% over the month as all major energy component indexes declined,” noted the Labor Department in the report. March marked the ninth consecutive month of declines and the smallest year-over-year increase since 2021. On a monthly basis, housing costs, which make up 40% of the index, declined to 0.6% from 0.8% in February. Over the past two years, the U.S. median rent rose 18%. That was largely because a competitive housing market and higher mortgage rates shut many people out of home buying. A strong jobs market and shortage of in
Below is an instruction that describes a task. Write a response that appropriately completes the request.

### Instruction: Rent is the 'largest contributor' to inflation. See where it is going up (or down)

### Response: Rental prices were by far the “largest contributor” to the rise in inflation on an annual basis in March, according to data released by the Bureau of Labor Statistics. While consumers paid less for gasoline and grocery, causing the consumer-price index – a widely used measure of inflation – to moderate to 5% in March from a year earlier, housing costs went up 8% during the same time period. “This more than offset a decline in the energy index, which decreased 3.5% over the month as all major energy component indexes declined,” noted the Labor Department in the report. March marked the ninth consecutive month of declines and the smallest year-over-year increase since 2021. On a monthly basis, housing costs, which make up 40% of the index, declined to 0.6% from 0.8% in February. Over the past two years, the U.S. median rent rose 18%. That was largely because a competitive housing market and higher mortgage rates shut many people out of home buying. A strong jobs market and shortage of in