Consumers Hopeful Inflation is Slowing Down
This summer, many Americans have been watching their spending habits amid inflation. During July, the consumer outlook for inflation decreased significantly amid a sharp drop in gas prices and the hope that surges in food and housing would start their decline soon. The New York Federal Reserve’s monthly Survey of Consumer Experience shows that consumers expect inflation to run at 6.2% through the next year and 3.2% rate for the next three years. Comparatively, in June consumers’ results showed 6.8% and 3.6%.
Food prices rose 10.4% over the past year and are expected to climb 6.7% over the next year, a 2.5% decrease from the June survey. Gas prices rose 60% over the past year, and are expected to increase 1.5% over the next year. Compared to June, that is a 4.2% drop.
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