U.S. inflationary pressures were slightly higher in May as the U.S. future inflation gauge rose to 79.8 from a downwardly revised 78.1 in April, originally reported as 78.2, according to data released Friday by the Economic Cycle Research Institute.

The smoothed annualized growth rate, a comparison of the latest figures to the preceding year’s average level, narrowed to negative 26.9% from negative 33.8%.

The May increase was driven by “inflationary moves in measures of commodity prices and vendor performance,” ECRI said.

“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,” ECRI said in a release.

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