Consumer expectations for inflation over the next year dropped to the lowest level since July 2021, according to a survey from the New York Federal Reserve released Monday.
Expectations for inflation one year ahead fell in December by 0.2 percentage points to 5%. However, three-year-ahead inflation expectations were unchanged in December at 3%. Inflation expectations for the next five years inched up by 0.1 percentage point to 2.4%.
The incremental drop in short-term expectations is…
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