The latest inflation data, the Federal Reserve's most closely watched indicator, is unlikely to challenge the growing consensus within the US central bank on the need for interest rate hikes this year.

The personal consumption expenditures price index, due to be released on Thursday, is expected to show both a monthly and annual increase in May.

This report will cap a month of disappointing inflation data, following previous releases that demonstrated the ripple effects of the energy shock across the economy.

The Fed's focus is on US inflation. Kevin Warsh, who chaired his first monetary policy meeting as the new Federal Reserve chairman on Wednesday, declined to give reporters any clues about his own view of prices or interest rates.

This stance may lend greater weight to comments from his Fed colleagues as investors seek further information on the near-term direction of monetary policy.

Key remarks expected next week include a speech by New York Fed President John Williams at a seminar on June 25, and an appearance by Chicago Fed President Austan Goolsbee at a separate event on the same day. Minneapolis Fed President Neel Kashkari will participate in a panel discussion on June 26.