Ahead of the latest consumer price index data, consumers and economists both see slowing inflation ahead.
The red-hot price inflation that’s burned so many people this year appears to be finally cooling down on everything from gas prices to housing costs, and consumers are finally starting to see light at the end of the inflation tunnel, according to a new look at consumer expectations.
A day before closely-watched data comes on August’s inflation rates, the Federal Reserve Bank of New York’s consumer expectation survey shows that people keep toning down their own inflation rate predictions for the near future.• Median inflation expectations in August were 5.7% for the coming 12 months, down from 6.2% a month earlier.• Predicted cost growth for gas, groceries and rent moderated, while expected home price growth dropped by 1.4 percentage points to 2.1%.
If that’s how it shakes out, inflation’s year-over-year growth would be 7.9%, down from the 8.5% year-over-year growth seen during the July CPI data. July’s numbers were cooler than forecaster predictions. On Monday, a gallon of gas cost an average $3.71, according to AAA. That’s a price decline from a week ago, a month ago and more than a dollar below the all-time high of $5.01 in mid-June, AAA shows.
During the first half of the year, investors have been rattled by questions on how far the Fed will go to fight inflation by raising interest rates — and whether that will stumble the economy into recession.
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