A New York Federal Reserve survey published on Monday found that many American consumers expect inflation to remain abnormally high in the coming years.
Americans are bracing for high inflation to stick around over the next few years, according to a key Federal Reserve Bank of New York survey published Monday. The median expectation is that the inflation rate will be up 3.3% one year from now, according to the New York Federal Reserve's Survey of Consumer Expectations, an increase from the 3% rate recorded the previous month.
Americans expect the cost of gasoline, food, medical care, college and rent to rise in the year ahead. They also anticipate that median home price growth will rise to 3.3%, the highest reading in the series since July 2022. The survey, based on a rotating panel of 1,300 households, plays a critical role in determining how Fed policymakers respond to the inflation crisis.
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