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US inflation pressure up but still non-issue--ECRI

 NEW YORK, July 2 (Reuters) - U.S. inflation pressures rose
in June, continuing to come off 51-year lows touched earlier
this year but still indicating that inflation is not an issue
for the economy, a research group said on Thursday.
 The Economic Cycle Research Institute's U.S. Future
Inflation Gauge (USFIG), designed to anticipate cyclical swings
in the rate of inflation, rose to 81.9 in June from a
downwardly revised 79.7 in May, which was originally reported
as 79.8.
 "The USFIG has now risen for three straight months, but is
still not far above March's 51-year low," said Lakshman
Achuthan, managing director at ECRI.
 "Deflation worries should clearly have dissipated, but it
is still too soon to predict a decisive upswing in U.S.
inflation."
 The gauge was pushed higher in June primarily due to
inflationary moves in commodity prices, Achuthan said.
 The index's annualized growth rate, which smooths out
monthly fluctuations, jumped in June to minus 18.5 percent from
minus 27.1 percent in May, which was revised lower from minus
26.9 percent.
 (Reporting by Camille Drummond, Editing by Chizu Nomiyama)


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