Inflation expectations over the next year fell to a median 6.3% in April, a 0.3 percentage point decrease from the record high the previous month.
Still, household spending is projected to rise a record 8% over the next year, according to a New York Fed survey of consumers.
Consumer expectations for gas price increases fell to 5.2%, a 4.4 percentage point drop that came as oil prices edged lower in April. Consumers grew a little more optimistic about inflation in April, though they still expect to be spending considerably more in the year ahead, a Federal Reserve survey released Monday shows.
Inflation expectations over the next year fell to a median 6.3%, a 0.3 percentage-point decrease from the record high in March, according to data going back to June 2013. On a three-year basis, expectations rose 0.2 percentage point to 3.9%, which itself is 0.3 percentage point off the record., the highest level since December 1981. April consumer prices are due to be reported on Wednesday.
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