The New York Federal Reserve’s monthly Survey of Consumer Expectations found that consumers think inflation will go down, CNBC reported Monday.
The outlet noted that this is a positive for the Federal Reserve, which has focused on raising interest rates to fight record inflation. It has done so four times this year, per CNBC.
In June, consumers thought inflation would increase by a median of 6.8% over the next year. But, in July, that went down: The survey group thought inflation would increase by a median of 6.2% over the next year.
“Expectations about year-ahead price increases for gas and food fell sharply,” the Fed wrote.
Gas prices have begun to nod off, as have home prices. In June 2022, food prices were 10.4% higher than June 2021, according to the (not seasonally adjusted) Consumer Price Index for Food.
Food prices will likely overall increase more in 2022 than they did in 2020 and 2021, the USDA added.
Consumers in July also forecasted a lower median for three-year inflation compared to June, from 3.6% to 3.2%.
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