WASHINGTON, May 16 (Reuters) - Atlanta Federal Reserve President Raphael Bostic said the April inflation report may have offered important clues about the direction of inflation, particularly a slowed rise in shelter costs, but it was still too early to tell.

"One data point is not a trend. One change does not determine ... the next three months," Bostic said in comments at an event in Jacksonville.

But given the outsize role of shelter in driving recent inflation, the slowed reading in April "is a pretty significant development and that merits watching." (Reporting by Howard Schneider Editing by Chris Reese)