Days ahead of June inflation data, consumers said they were increasingly worried about their finances compared to a year ago
Consumers think inflation still has to boil over before it cools, according to the Federal Reserve Bank of New York’s latest read on people’s economic expectations.
Consumers expect inflation rates to hit a median of 6.8%, a new record high, over the next year, according to the New York Fed’s ongoing Survey of Consumer Expectations, released Monday. The expected one-year inflation rate of 6.8% was up from 6.6%, the previous record set in May and March. Consumers said they expected home prices to increase an estimated 4.4% in the coming year, survey participants said. That’s down from the 5.8% annual home price increase they predicted in the last survey, and researchers said it’s the lowest expected rate on the question since February 2021. Last week, average rates on the 30-year mortgage slipped to 5.3%, amid worries of an economic slowdown.
Here’s another glimmer of price relief: On Monday, average gas prices were $4.67 per gallon, according to AAA. That was down from $4.80 a week ago and down from the $5.01 per gallon record set in mid-June.
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