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  Fed Minutes Show Inflation Concerns

WASHINGTON - Federal Reserve policy-makers noted "a discernible upcreep" in measures of inflation recently, raising worry that risks from accelerating prices were growing, minutes from their May 3 meeting showed, Reuters reported Tuesday.

"Core measures of price inflation had moved up over recent quarters and particularly so over the last few months," said the minutes from the Federal Open Market Committee meeting, which were issued Tuesday.

"A discernible was apparent in survey measures of short and, to a limited extent, long-term inflation expectations over recent months," the minutes said. Some members saw both the risks of inflation increasing and of growth slowing but the committee agreed overall that the risks were roughly equally balanced.

The minutes left no doubt that the Fed intends to keep raising borrowing costs; saying that "the current level of short-term rates remained too low to be consistent with sustainable growth and stable prices in the long run."

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