U.S. consumer inflation expectations declined across the board in August, a new central bank report found.
According to the latest Survey of Consumer Expectations (SCE) from the Federal Reserve Bank of New York, inflation expectations one year out fell from 6.2 percent in July to 5.7 percent last month. Consumer expectations for three- and five-year horizons dropped to 2.8 percent and 2 percent, respectively.
The survey data show that consumers anticipate prices rising less for critical goods and services.
Gasoline prices are expected to be roughly the same a year from now. The national average cost for a gallon of gasoline is $3.71, according to the American Automobile Association (AAA)….