Old North News

The U.S. Bureau of Labor Statistics (BLS) has published new data indicating a rise in inflation in February, partially due to escalating housing costs. A poll conducted in February by the League of American Workers (LAW) revealed that 33% of North Carolina voters view housing costs as a primary concern amid increasing inflation rates.

According to the BLS's most recent Consumer Price Index report, the overall CPI rose 3.2% from February 2023 to February 2024. The BLS highlights that the increase in the shelter index, along with the gasoline index increase, "contributed over sixty percent of the monthly increase in the index for all items."

The BLS further notes that the shelter index increased by 5.7% over the 12-month period ending February 2024, while the rent index saw an increase of 5.8% during that same period. Between January and February 2024, both the shelter and rent indexes rose by 0.4% and 0.5%, respectively.

In its regional analysis, the BLS states that in the South Atlantic division of the South region, which includes North Carolina, the overall CPI increased by 3.9% from February 2023 to February 2024 and by 1% over the month ending February 2024. In this region, both shelter and rent indexes rose by 6.4% and 6.7%, respectively, from February 2023 to February 2024. From January to February 2024, these indexes went up by 0.7% and 0.5%, respectively.

A LAW poll, conducted in February among likely voters in North Carolina, found that when asked to name their top two most significant impacts from inflation, one-third of respondents listed housing costs as a concern. Interestingly on a related topic, respondents indicated by a margin of more than two-to-one (67% to 29%) that they believed the American Dream is out of reach for most North Carolinians.

The research was carried out by North Star Opinion Research and commissioned by LAW, an organization committed to examining economic public policies affecting American workers.