U.S. Inflation On The Rise, Housing Starts Fall
11-19-2009 | Source: emii.com
On Wednesday the
Department of Labor released October pricing data that found the Consumer Price Index was up 0.3% in the month after a 0.2% increase in September, reports
Reuters. The gain outpaced analysts’ prediction of 0.2%.
Core prices remained on-pace with the
Federal Reserve’s expectations for a slow rise in inflation, but the cost of living shot up more than expected with increases energy and food prices, according to
Bloomberg. Energy increases were led by a 1.5% spike in gas prices. Despite the gains, consumer prices were still down 0.2% compared with one year ago.
The
Commerce Department filed a separate report on Wednesday on construction of new homes that found housing starts were down 10.6% last month to a seasonally-adjusted 529,000. The drop exceeded market estimates of a rise to 600,000. Meanwhile new building permits dropped 4% last month, to an annual rate of 552,000.
Click here for the full report from the Labor Dept.Click here to read the article from Reuters.Click here for additional coverage from Bloomberg News.
