Inflation news continues to be no news. Total consumer prices are up just 1.2% in the year ended in November, while core prices that exclude food and energy are up 1.7%. Both rates are below the 2% target set by the Federal Reserve.

One area where inflation is above the Fed’s target is the cost of shelter. Owners’ equivalent rent–the imputed cost of renting one’s own home—increased 2.4% in the past year and has been above 2% since early 2012.

OER comprises a large 24% share of the total CPI. Slowly climbing rents offer an offset to the price declines for some goods and the volatile swings in food and energy prices. That should provide some solace to Fed officials still worried about disinflation.