At the same time, however, persistently high energy prices also raise the possibility that inflation expectations could ratchet higher, even if core inflation remains fairly low in the short run. If expectations did become less well anchored, core inflation could subsequently rise and the higher level could persist. 3/4  Another source of uncertainty is the housing market.
It is possible that the rapid increases in house prices could simply be a reflection of fundamental forces such as an increase in land use restrictions and other legal restraints on building, innovations in mortgage finance, changes in tax laws and low interest rates.