WASHINGTON (Reuters) -Recent data on consumer inflation showed price pressures may be building in the wake of rising import taxes imposed by the Trump administration, Atlanta Fed president Raphael Bostic said on Wednesday.

"We may be at an inflection point," Bostic said a day after data for June showed prices rising faster than the month before, with particularly large increases for some categories of heavily imported goods. "The headline number moved away from our target, not towards it...We've seen the highest increase in prices that we've seen all year."