Expenditures on housing are a larger share of the CPI than of the PCE index, and prices for housing services have increased at an above-average pace recently. 4  See pp. 8–9 of the February 2016 Monetary Policy Report (Board of Governors, 2016). 5  See Blanchard (2016); Blanchard, Cerutti, and Summers (2015); and Kiley (2015b).
2  BIS central bankers’ speeches  Surveys of Consumers have edged lower over the past year or two with the level in February nearly 1/2 percentage point below the 10-year average.