The cost of almost everything feels like it is going up. This is especially true for our biggest expense, housing. The graph below plots Americans' expectations of how much their hosing costs will increase in the next year. It is the mean expectation from a New York Fed survey. Renters expect a 9% increase this year, but even owners anticipate much higher housing costs. Since expectations play such a large role in future inflation and housing takes up a large share of budgets, the survey suggests inflation will stay quite high this year.

Source: New York Fed

Allison Schrager is a senior fellow at the Manhattan Institute. Follow her on Twitter here.