(Bloomberg) -- Federal Reserve Bank of Atlanta President Raphael Bostic said “everything is in play” for policy action after data showed that US inflation accelerated again to a fresh four-decade high last month.

“The top-line number is a source of concern,” Bostic told reporters Wednesday during a visit to St. Petersburg, Florida. “Everything is in play.” Asked if that included by raising rates by a full percentage point, he replied, “it would mean everything.”

Investors increased bets that the Fed will raise interest rates by 100 basis points when it meets later this month after data showed US consumer prices rose 9.1% in June from a year earlier, the largest gain since the end of 1981.

Bostic, who does not vote on monetary policy this year, said the data had come in differently than he had expected and he would study its details to understand the breadth of the price pressures. 

“I am not wedded to any specific course of action. I’ll let the broad collected intelligence that we are gathering guide me in terms of what’s appropriate,” he said. “If the top-line number is driven by one or two factors that have outsized weight I might think of it differently than if it is broad-based.”

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