The National Association of Federally-Insured Credit Unions (NAFCU) Chief Economist and Vice President of Research Curt Long issued the following statement after the Bureau of Labor Statistics released May data on the consumer price index (CPI):

"Inflation surprised to the upside in May, placing more pressure on policy makers," said NAFCU Chief Economist and Vice President of Research Curt Long. "Energy was a key contributor, both as a consumer good and as an input in other areas that saw strong growth, like airfares.

"But price gains were strong across the board," added Long. "Credit unions should be prepared for more hawkish talk from Fed officials and the related market impacts, but they will continue delivering low-cost financial services at a time when it’s increasingly important to everyday Americans."