WASHINGTON, July 23 (Xinhua) -- U.S. economic activity slowed somewhat in June and early July, as consumers were squeezed by soaring costs for energy and food, the Federal Reserve said Wednesday.

    "Reports from the twelve Federal Reserve Districts suggest that the pace of economic activity slowed somewhat since the last report," said the Fed in a nationwide survey, which is based on economic information supplied by the Fed's 12 regional banks and collected on or before July 14, 2008.

    Five eastern districts noted a weakening or softening in their overall economies, while Chicago characterized its economy as sluggish and Kansas City noted a moderation in growth, it said.

    St. Louis said activity was "stable" and San Francisco reported "little or no growth," said the report, adding the two other districts, Cleveland and Minneapolis, reported slight increases in economic activity, while Dallas described growth as steady and moderate.

    It said that consumer spending, which accounts for two-thirds of overall economic activity, was reported as sluggish or slowing in nearly all districts, although tax rebate checks boosted sales for some items.

    "All districts characterized overall price pressures as elevated or increasing," the report said. "Input prices continued to rise, particularly for fuel, other petroleum-based materials, metals, food and chemicals."

    Retail price inflation varied across the country, with some districts reporting increases but others noting some stability, at least for the present, according to the report.

    Meanwhile, the Fed suggested there's little danger of wage inflation taking off.

    "Wage pressures were generally limited in most districts, as labor market demand was soft except for highly skilled workers and in the energy sector," it said.

    The survey, or Beige Book, summarizes comments received from business and other contacts outside the Fed and is not a commentary on the views of Fed officials.

    However, information from the survey will figure into discussions at the Fed's next policy-making meeting to be held next month.