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NEW YORK, June 5 (Reuters) - U.S. inflation pressures continued to rise in May from March's 50-year lows, indicating that current steady economic growth should ease fears of both deflation and hyperinflation, a research group said on Friday.
The Economic Cycle Research Institute's U.S. Future Inflation Gauge (USFIG), designed to anticipate cyclical swings in the rate of inflation, rose to 79.8 in May from 78.1 in April, which was revised lower from 78.2.
The group's inflation gauge hit a 51-year low in March, suggesting that policy makers would continue to focus on economic growth as inflation is not an imminent concern.
"The USFIG has risen for two straight months after hitting a 51-year low in March, warranting neither deflation worries nor fears of an inflationary upsurge at this time," said Lakshman Achuthan, managing director at ECRI.
The gauge was pushed higher due to inflationary moves in measures of commodity prices and vendor performance, Achuthan said.
The May USFIG annualized growth rate, which smooths out monthly fluctuations, climbed to minus 26.9 percent from 33.8 percent in April, which was revised lower from minus 33.7 percent. (Reporting by Camille Drummond, Editing by Chizu Nomiyama)
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