Update on our Alt Inflation Indicators: Real time shelter continues to run quite below official stats. We show more real time shelter running just +0.2% vs 3.0% in BLS stats. Subbing this alt shelter into CPI, we get headline inflation < 1.6% vs 2.4% official. Alt Core CPI at 1.43% vs 2.5%. A commodity supply disruption should be 'transitory' - and the trend is our friend when it comes to shelter disinflation.