US Households' Inflation Expectations Ease Amid Rising Job Concerns

The US Federal Reserve Bank of New York has released its Survey of Consumer Expectations for August. The survey shows that households' medium-term inflation expectations edged lower, while short- and long-term horizons remained unchanged.

Median inflation expectations at the one-year and five-year-ahead horizons were 3.6% and 3.0%, respectively, with no change from previous months. However, three-year-ahead expectations fell by 0.1 percentage point to 3.2%.

Among commodities, median year-ahead expected price changes rose for gas, food, medical care, the cost of college education, and rent.