Is CPI inflation set for another decline? The New Tenant Rent Index fell -9.3% YoY in Q2 2025, marking its largest drop on record. This follows a -2.2% YoY decline in Q1 2025. This index is viewed as a leading indicator for the CPI shelter component, which makes up ~30% of Core CPI. This sharp drop could point to further disinflation in shelter prices and the overall CPI index. Keep watching shelter inflation.(The Kobeissi Letter)