(Reuters) -U.S. central bankers are looking through recent data showing price pressures rebounded last month, and are focusing instead on overall progress on inflation that they say will likely set the table for interest-rate cuts later this year. "I expect things are going to be bumpy," Atlanta Federal Reserve Bank President Raphael Bostic said during an interview at a banking conference in Atlanta, Georgia, after a Commerce Department report showed the core personal consumption expenditures price index rose more than 5% on an annualized basis, sharply higher than the previous several months of readings. But compared with a year ago, the measure of underlying inflation ticked down, to 2.8% from 2.9% in December; six-month and three-month annualized inflation rates are even closer to the Fed's 2% target.