Consumer confidence climbed a surprising two points in June, but failed to stir inflation fears Tuesday amid signs that shoppers are restraining their spending.

The Conference Board, a private business group, said its index of consumer confidence rose in June to 129.6 from a revised 127.9 the month before.

“Despite a slight change in consumers’ short-term expectations, consumers continue to be bullish about the economy,” said Lynn Franco, associate director of the Conference board’s Consumer Research Center.

The report supported recent indications that inflation is not sufficient to prompt the Federal Reserve to raise short-term interest rates at its upcoming policy meeting July 1 and 2.

The overall index is the highest it has been since August 1969, when it hit 131.7.