Wall Street economists expect government data to be released Thursday will show the price of imported goods, particularly oil, increased in May at a faster pace than the previous month.

The index is forecast to increase by 2 percent in May, up from a 1.8 percent pace in April, according to a survey of Wall Street economists by Thomson Financial/IFR. Import prices leapt by 2.9 percent in March, the biggest increase since last November.

Considered by economists to be a useful tool in measuring the overall inflation rate, the Labor Department index is scheduled to be released at 8:30 am EDT.

The gauge will likely be closely watched as Federal Reserve Chairman Ben Bernanke has indicated that the central bank is increasingly concerned about higher inflation as food and oil prices continue to rise.

Inflation rose at an annual rate of 3 percent in the first four months of this year, which is above the Fed's comfort zone. But that rate was down from a 4.1 percent jump last year, which was the biggest hike in 17 years.

Oil plays a major role in import prices, which rose 1.8 percent in April, but only by 1.1 percent when the commodity is excluded. The price of petroleum imports increased by 4.4 percent that month, the Labor Department said.

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