 So if shelter inflation continues apace, will the Fed be able to reach its goal of 2% for overall inflation? Well, sure, it's mathematically possible. Again, Steve Reed of the Bureau of Labor Statistics. Remember, shelter makes up about a third of the consumer price index. The other two-thirds are clothing, medical care, food, basically everything else. And so if the two-thirds everything else is low enough, that's going to get us below 2%.