Americans’ short-term inflation expectations have reached a new high, according to the latest data from the June 2022 Survey of Consumer Expectations by the Federal Reserve Bank of New York.
“Median one-year-ahead inflation expectations increased to 6.8 percent, from 6.6 percent in May, marking a new series high,” the Fed said on July 11, detailing the survey results. “In contrast, median three-year ahead inflation expectations decreased to 3.6 percent from 3.9 percent. The increase in short-term expectations was driven by respondents over age 60 and respondents with at least some college education. The decline in medium-term expectations was broad-based across education and income groups.”
Expectations about year-ahead gas price changes rose by 0.1 percentage point to 5.6 percent. Rent price expectations increased to 10.3 percent, college education to 8.7 percent, and medical care to 9.5 percent….