“The uptick in inflation, being largely driven by higher gas prices, is unlikely to worry investors or the Federal Reserve."
The trend of steadily building inflation pressures could prompt the Federal Reserve to continue raising interest rates, analysts said.
Inflation remains below the Fed's target "but there are indications it may be starting to pick up."
Consumption picked up in May, but the key measure of U.S. inflation grew only 1.4%.
Reports of the growth in consumer price inflation were somewhat overstated in the first two quarters, say San Francisco Fed reasearchers.
