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Source: Federal Reserve Chair Jerome Powell Press Conference as of September 18, 2024; Bureau of Labor Statistics and Bloombe rg Finance L.P., as of August 2024. <br />© PFM Asset Management LLC | pfmam.com <br />For the Quarter Ended March 31, 2022 <br />California Affiliated Risk Management Authorities Market Update <br />CITY OF REDWOOD CITY <br />For the Quarter Ended September 30, 2024 <br />Market Update <br />Aug-24 <br />5.2% <br />Aug-24 <br />2.5% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />7% <br />8% <br />9% <br />10% <br />Aug-21 Dec-21 Apr-22 Aug-22 Dec-22 Apr-23 Aug-23 Dec-23 Apr-24 Aug-24 <br />Consumer Price Index (CPI) <br />Top-Line Contributions, Year-over-Year Changes <br />Shelter CPI Ex-Shelter Headline Shelter YoY%Headline CPI YoY% <br />The shelter <br />component of <br />CPI continues to <br />remain outsized <br />accounting for <br />74% of the <br />increase in the <br />headline figure <br />Shelter Inflation increased <br />5.2% while CPI Ex-Shelter <br />increased 1.0% (YoY) <br />Fed Chair Powell: “[H]ousing inflation is the … one piece that is kind of dragging a bit … it’s been slower than we <br />expected” <br />Inflation Trends Lower <br />6.A. - Page 21 of 65 <br />30