A New York Federal Reserve survey found that U.S. consumers raised their inflation expectations for the year ahead to 3.9% in September, the highest level in more than three years. Expectations for inflation over the next three years also moved higher, rising from 3.2% to 3.3%, while five-year expectations were unchanged at 3%. The survey also showed households expecting bigger price increases for gasoline, food and other items. At the same time, respondents gave weaker assessments of their own financial conditions and said credit was harder to access. One area moved in the opposite direction: expectations for the labor market improved. The figures offer a fresh snapshot of how households are viewing prices, personal finances and employment conditions.
A survey from the New York Federal Reserve showed that U.S. consumers expected inflation over the next year to rise to 3.9% in September, the highest reading in more than three years.
Three-year inflation expectations increased from 3.2% to 3.3%, while five-year expectations held steady at 3%.
The survey also found that households expected larger price increases for gasoline, food and other items. Assessments of personal financial conditions and credit access worsened, while expectations for the labor market improved.
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