March CPI is 3.5% for the past year and increased 0.4% MoM in March.
Higher than expected, but again, like the post last month, Truflation indicates <2% inflation.
Here is another discussion of “lagging” in shelter CPI, which was 0.4% in March
This lag occurs for a few reasons. First, the market indices capture rents of units currently on the market, not rents for units occupied by continuing renters, like the CPI does. Rents change when leases expire, which typically happens annually. In addition, landlords may be less likely to raise rents to market prices for continuing tenants, and so it might take even longer for rents on all units to catch up with rents charged to new tenants.
A new index was introduced to more closely track market prices of renting.