Federal Reserve Bank of Richmond President Jeffrey Lacker said an early end to the central bank’s plan to purchase $600 billion in Treasury securities may be needed to limit inflation pressures.

“The improvement in the growth outlook has been noticeable enough to tilt the case further against QE2,” Lacker said today in a CNBC television interview, referring to the second round of so-called quantitative easing. “To my mind, it was a close call to begin with.”

Lacker also said in the interview that rising oil and commodities prices pose a risk to inflation later in the year as companies seek to recoup the costs.

“As long as inflation expectations are managed pretty well, I think we’re going to get through this without a big burst of inflation,” he told CNBC.

The Richmond Fed leader, St. Louis Fed President James Bullard and Philadelphia Fed President Charles Plosser have urged the central bank to review its plan to purchase $600 billion in U.S. Treasurys in light of a strengthening economy and concern over potential inflation.

Dallas Fed’s Richard Fisher has said he may oppose any additional easing after the purchases conclude in June as planned.