Ryan Sweet, Chief US Economist at Oxford Economics, said the data will "keep the discussion about the Fed skipping a hike in June and then resume tightening in July alive." The readings on consumer price inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending. "The combination of inflation moving upward and consumer spending remaining so strong will increase the odds of the Federal Reserve raising rates another time in mid-June," said Nationwide Chief Economist Kathy Bostjancic.