Business briefs: Consumer prices rise the most in more than a year

U.S. consumer prices increased in May by the largest amount in more than a year as the cost of food and gasoline showed big gains and airline fares jumped by the largest amount in 15 years. The consumer price index rose 0.4 percent in May, the biggest one-month jump since a 0.6 percent increase in February 2013, the Labor Department reported. Over the past 12 months, consumer prices are up 2.1 percent. While that was the biggest 12-month price change since October 2012, it still left prices rising at a pace near the Federal Reserve's 2 percent target. But analysts said the May price jump, double what had been expected, would get the attention of Fed policymakers, who were starting a two-day meeting on Tuesday.

The pace of U.S. home construction slipped in May with many Americans still struggling to afford new houses. Builders started work at a seasonally adjusted annual rate on 1.01 million homes last month, the Commerce Department said. That was down 6.5 percent from 1.07 million in April. Construction firms began work on fewer single-family houses, condominiums and apartments last month. Home construction has struggled to gain much traction this year, limiting its ability to contribute as much to broader economic growth as it has in the past. Many would-be buyers face higher mortgage rates than at this time last year, while builders are selling fewer new homes but charging more for them.

Wal-Mart Stores Inc.'s innovation lab is diving deeper into mobile apps with another acquisition. The latest purchase for @WalmartLabs is Stylr, a mobile app that allows shoppers to find clothes in nearby stores. Terms of the deal were not disclosed. Stylr is @WalmartLabs' 13th acquisition in the past three years. The purchase is the latest effort by Wal-Mart, the world's biggest retailer, to develop new digital tools to help create a seamless shopping experience for shoppers who are increasingly jumping back and forth from stores and their mobile phones. Wal-Mart CEO Doug McMillon, who took the helm in February, vowed Wal-Mart would pick up the pace in technology in his address earlier this month at the company's annual shareholders meeting.