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US inflation continues to grind higher

Summary:
Billed by Deutsche Bank’s Jim Reid as the “most eagerly anticipated data point in recent memory” in his popular morning macro update, the US consumer prince index print just landed for May.For context, a poll by Reuters of US economists expected a month on month increase of 0.4 per cent from April to May, versus the far-above-expectations print of 0.8 per cent between March and April. So what have US prices done since? Well, just above expected:The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 per cent in May on a seasonally adjusted basis after rising 0.8 per cent in April, the U.S. Bureau of Labor Statistics reported today. Over the past 12 months, the all items index increased 5.0 per cent before seasonal adjustment; this was the largest 12-month

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Billed by Deutsche Bank’s Jim Reid as the “most eagerly anticipated data...

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