The Sconi

The U.S. Bureau of Labor Statistics (BLS) has released new data showing an increase in inflation in February, partially attributed to escalating housing costs. Recent surveys indicate that a substantial segment of Wisconsin's electorate views housing costs as a primary inflationary concern.

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

The BLS also reveals that the shelter index saw a rise of 5.7% over the 12-month period ending February 2024, while there was a 5.8% increase in the rent index during this same period. Between January and February 2024, both the shelter and rent indexes rose by 0.4% and 0.5%, respectively.

In terms of regional data, the BLS indicates that in the Midwest region, which includes Wisconsin, there was a 2.8% increase in overall CPI from February 2023 to February 2024. Over this period, both shelter and rent indexes saw increases of 6.2% and 6.3%, respectively. For the month ending February 2024 alone, there was a rise of 0.6% in CPI while both shelter and rent indexes increased by 0.5%.

A poll conducted by League of American Workers (LAW) in December 2023 found that when asked about their top two most significant impacts from inflation, around 28% of respondents from Wisconsin cited housing costs as a major factor. Additionally, on another topic related to economic stability, approximately two-thirds (63%) of respondents expressed their belief that most Wisconsinites find the American Dream unattainable, compared to 34% who disagreed.

The survey was conducted by North Star Opinion Research and commissioned by LAW, an organization committed to analyzing economic public policies that impact American workers.