Inflation expectations rebounded in October on record-high jump in gas outlook, NY Fed survey shows
“Americans grew more worried about inflation in the October, with fears emanating from an expected burst in gasoline prices, a Federal Reserve survey showed Monday. Respondents think gas prices will increase by 4.8% over the next year, up from 0.5% in September for the biggest one-month increase in survey data that goes back to June 2013. The year-ahead projection for food prices increased, with consumers now anticipating a 7.6% increase, up from 6.8% in September. The outlook for medical costs and rent were little changed, with the latter up 0.1 percentage point, while the expectations for college costs fell to 8.6%, a 0.4 percentage point decline from September.”