SoCal rent costs fall, 1st dip in 14 years

Renting costs in Southern California fell at an annual rate for the first time in 14 years, according to the freshest Bureau cheap drugs no prescription of Labor Statistics’ Consumer Price Index.

Local renters’ costs fell 0.1% last month vs. October 2008. Last such SoCal decline? A similar size drop in November 1995.

Renters weren’t the only housing winners in the CPI report:

• Homeowners equivalent inflation rate (purchase costs not included), fell at an 0.7% annual rate in October. That’s biggest SoCal drop since June 1995.
• Household energy costs in SoCal fell at an 0.7% annual rate in October.Actually, that’s the smallest drop in a string of declines that dates to last November.
• Household furnishings and operations fell at an 2.5% annual rate in October. That’s biggest SoCal drop since April 2008.
• Overall, SoCal housing inflation fell at an 0.6% annual rate in October — fourth consecutive drop and biggest since June 1983.
• As for the big picture, SoCal total inflation rate for all goods and services fell at an 0.4% annual rate in October. It’s the eighth consecutive drop — but that smallest in that string.