The US consumer price index (CPI) was up 1.4 per cent in May 2013 year-on-year, compared to a 1.1 per cent increase in April 2013, according to the US Department of Labor Statistics. Month-on-month, there was a 0.1 per cent rise, following a 0.4 per cent decrease in April. This was widely in lines with expectations of a 1.4 per cent rise YoY and a 0.2 per cent rise MoM.
Excluding food and energy, CPI was up 1.7 per cent up year-on-year. Month-on-month, this figure was 0.2 per cent - up slightly from the 0.1 per cent rise MoM in April.
MoM, the food index fell 0.1 per cent in May, while the energy index increased 0.4 per cent following substantial declines in March and April.
Source: Bureau of Labor Statistics
Meanwhile, the number of permits for new construction projects released by the Department of Commerce fell from 1.005m to 974,000 month-on-month, while the number of new single-family homes and buildings constructed grew from 856,000 to 914,000.
Collectively, the top ten states accounted for 55 per cent of total permits in 2012, and nearly one-third were issued in just Texas, Florida, and California.
Department of Commerce
CPI up 1.4% over the past 12 months. no reason to taper anything. http://t.co/OpG4AuWvtu— Matt Yglesias (@mattyglesias) June 18, 2013
CPI rises 0.1%. Better ease up on all that money printing.— Joseph Weisenthal (@TheStalwart) June 18, 2013