Inflation, housing numbers bolster rate hike argument

Washington

US consumer prices rose for a fifth straight month in June as the cost of petrol and a range of other goods increased, further signs of firming inflation that strengthen the case for an interest rate hike this year.

Other data on Friday suggested the economy could support a tightening of monetary policy. Housing starts surged in June and building permits soared to a near eight-year high. Federal Reserve chair Janet Yellen this week affirmed the US central bank was keen to start raising interest rates later this year.