UPDATE 1-Brazil's Lula says inflation fight a top priority

(Adds Lula comments, inflation data)

SAO PAULO, June 16 (Reuters) - Brazil's President Luiz Inacio Lula da Silva said on Monday fighting inflation remains a top priority, the latest warning against surging consumer prices that could undermine the country's economic boom.

Speaking to an audience of investors at the Sao Paulo stock exchange, Lula said the government is determined to stop short-term inflation pressures from becoming permanent.

The former union leader has often called inflation one of the country's most pressing issues because it affects poorer Brazilians the most, as it eats away people's buying power.

"We will control inflation, but maintaining sustainable growth," Lula said. "We have ways to deal with that."

The surge in global oil prices has pushed up fertilizer costs and has been among the main causes for an increase in food price inflation, Lula said.

Consumer prices in Brazil rose at the fastest pace in more than three years in May as the cost of rice, meat and other staple food items rose sharply.

Brazil's central bank raised its benchmark Selic lending rate on June 4 for the second time in less than two months to curb resurgent inflation and prevent the economy from overheating. (Reporting by Aluisio Alves and Carmen Munari, Writing by Elzio Barreto; Editing by Tom Hals)