The rising price of energy is giving the Federal Reserve gas pains.

The minutes of the Fed’s May policy meeting were released on Wednesday, and the bankers said they were prepared to let inflation run hotter than their ideal 2 percent level for a “temporary period.”

Not that there’s much the Fed can do otherwise — with the price of gasoline and oil jumping steadily this spring, inflation is already way beyond that level. In fact, the New York Fed sees prices rising at a 3.5 percent annual level.

The Fed’s policy-making committee meets on June 12 and 13. Interest rates are expected to be increased at that time. That would be the second rate hike of 2018. A total of three is expected, maybe four.

Right now, the market sees an 88 percent chance of a rate hike next month, a 67 percent chance in September and a 37 percent chance in December.

In addition to the price of energy, the Fed has to keep its eye on the US debt, which has been climbing ferociously since the Trump administration’s tax cut.

There is a chance the Fed might have to get even more aggressive in hiking rates in an effort to slow down the economy and inflation.

On the other side of the ledger, a substantial increase in political chaos in Washington — and that could happen — might cause the Fed to go slower on the hikes if scandals could endanger the economy.