The bank said in its Consumer Sentiment Survey for August that respondents see inflation a year from now at 3.6%, up from July’s 3.5%, while they project inflation three years from now to hit 2.8% versus 2.9% in July
Americans’ overall views on inflation were little changed in August, even as they predicted rising price increases for things like rent, homes and food, while downgrading their views of their personal financial situations, the New York Fed reported Monday.
The relative stability of inflation expectations last month came as the survey found respondents predicted accelerating price increases for a range of key categories. In August, the survey found expected price gains for gasoline, food, rent, medical costs and college. Respondents also predicted that house prices would rise 3.1 per cent, the highest reading since July 2022.
A record number of households reported that credit was harder to get and a rising number of respondents predicted tougher credit access in the months ahead. At the same time, those surveyed by the bank were less upbeat about their current and future financial positions, while growing less upbeat about the job market.
Over recent weeks Fed officials have signalled a new phase for monetary policy due to mounting evidence that the high inflation that caused them to raise rates aggressively is finally moving back to the 2 per cent target. That said, officials have kept alive the prospect they may have to raise rates again.
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