On housing services—rent and the so-called owners’ equivalent rent —I expect to see sizable increases in this component of inflation for a while as the recent rise in new rentals makes its way into aggregate price measures.
2 In a speech in March, I noted that, based on various measures of asking rents, some analysts were predicting that the rate of  Recent increases in asking rents and new rental contracts are incorporated in aggregate price measures with a lag because many of the properties surveyed for the Consumer Price Index Housing Survey do not have new rental contracts each month.