The cost of renting in Los Angeles and Orange counties continued to rise at a 14-year high — increasing at a 5.7% annual rate in November vs. 5% a year earlier, according to a slice of the local Consumer Price Index.

The last time this measurement by the U.S. Bureau of Labor Statistics showed a bigger increase in November was 2005. In the Inland Empire, a new CPI showed rents in Riverside and San Bernardino counties are up 4.7%.

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Local rents have risen sharply as the economic recovery from the Great Recession gained steam. So far this year, the L.A.-O.C. rent index rose on average 5.6% compared with 4.9% in 2018 and 4.6% in 2015-2017. It’s a sharp contrast to the 2009-14 period when local rents rose on average 1.7% a year.

Here are a dozen inflation trends you should be watching …

1. Broad CPI: For November, L.A.-O.C.’s overall inflation rate was 3.1% vs. 4.1% a year earlier. This year local inflation has averaged 3.1% vs. 3.8% a year earlier and 1.6% over the previous five years.

2. Nationally: November’s U.S. inflation ran at 2.1% while CPI in Western states rose at a 2.8% pace.

3. Rent vs. inflation: L.A.-O.C. rent increases this year average 5.6% vs. 3.1% overall inflation. That’s rent growing 81% faster than the region’s broad cost of living. Last year, rents rose at a 4.9% pace vs. inflation’s 3.8% increase — 28% faster. Since 1990, rent growth has averaged 23% more than local inflation’s increases.

4. Shelter’s burden: Housing eats up the biggest share of local household budgets. By CPI math, overall housing costs in L.A.-O.C. rose 4.4% in the past year. Minus shelter costs, the CPI’s up only 2.2% in 12 months.

5. Fuel: Gasoline in L.A.-O.C. cost 7.8% more in the last 12 months, by CPI math. Household energy costs 2.4% more.

6. Food: Groceries rose 1.5% as dining out got 6% pricier.

7. Medical: Bills were 2.4% costlier.

8. All local services: 3.7% pricier.

9. Apparel: Clothing was 2.5% cheaper.

10. Big-ticket items: The cost of “durable goods” (such as appliances and furniture) was 0.1% lower.

11. Size matters: Big cities in Western states saw consumer prices last month up at a 3.1% annual pace. Smaller Western cities? 2.5% inflation rate.

12. Elsewhere in the West: San Diego CPI? Up 2.6% annually vs. 0.9% for Urban Hawaii.

LA Daily News