Consumers Lower Their Expectations of Future Inflation

Americans are expecting less inflation in coming years, according to a recent survey by the Federal Reserve Bank of New York.

Respondents’ median expectation in July was for an annual inflation rate of 6.2% in one year, down from the 6.8% they expected in June, the regional reserve bank said Monday.

They expected inflation in three years to be at 3.2%, down from the 3.6% they expected in June, and inflation in five years to be at 2.3%, down from a previous 2.8%.