There was talk of one-time effects boosting CPI when it hit 2.0% y/y in April from 1.5% the month before but the economists now think those effects are going to stick around. The consensus for the report (due at the bottom of the hour) is 2.0% and the range is an itsy-bitsy 1.8-2.1% among all the 43 economists on Bloomberg.

US housing starts are due at the same time and there has been some serious volatility in that series in the past few months so a miss is more likely. The consensus is 1030K.