The median expectation among U.S. consumers for the rate of inflation in the next year rose to 6.8% in June from 6.6% in May, a survey from the New York Fed said on Monday
U.S. consumers see inflation rising further in the year ahead but expect a more moderate pace over the longer term in a signal that inflation expectations – a key dynamic being closely watched by Federal Reserve officials – remain reasonably anchored, a survey from the New York Fed showed on Monday.
The median expectation among consumers for the rate of inflation in the next year rose to 6.8 per cent in June, the highest since the survey’s launch in 2013, from 6.6 per cent in May, the survey said. But their view of the rate of inflation three years from now dropped to 3.6 per cent, the lowest since January, from 3.9 per cent.
Monday’s survey result would be a welcome development in that regard even as a benchmark reading of consumer prices due later this week is expected to show little relief from inflation. The Labor Department’s Consumer Price Index, due out Wednesday, is expected to show prices rose by 8.8 per cent in June from a year earlier, the most since December 1981.
For the first time in the series’ nine-year history, more than half of respondents said their financial situation in the last year had grown either “much worse” or “somewhat worse.” Meanwhile, nearly 45 per cent said the same about their expectations for personal financial well-being in the year ahead, also a series high.
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