GOVERNMENT REPORT SERIES
The New York Federal Reserve’s monthly Survey of Consumer Expectations showed that respondents expect inflation to run at a 6.2% pace over the next year and a 3.2% rate for the next three years. Improvement from 6.8% and 3.6% results from the June survey.
Key survey findings
- Through June, food prices rose 10.4% over the past year. Food prices are still expected to rise 6.7% over the next 12 months, that’s a decline from the June survey of 2.5 percentage points.
- Gas prices, which rose 60% over the past year, increasing at just a 1.5% pace over the next year, a significant change of 4.2 percentage points from the June survey.
- Five-year inflation expectations also went down, dropping 0.5 percentage point to 2.3%.
