Consumers' inflation expectations hit record high
CNN
Consumer expectations for prices to continue rising over the next year increased to the highest level on record, according to the latest Survey of Consumer Expectations from the Federal Reserve Bank of New York, released on Monday.
Median short-term inflation expectations ticked up to 6.8% in June from 6.6% in May, the monthly survey showed. Expectations for longer-term inflation over the next three years fell to 3.6% from 3.9%, indicating a sliver of confidence that US officials and policymakers can eventually succeed in their battle to bring down surging prices.
Consumer price increases hit 8.6% in May, the highest level in 40 years, after Russia's invasion of Ukraine triggered a global energy shakeup that exacerbated pandemic-related supply chain pressures that pushed up prices for everything from furniture to food. The Federal Reserve, which has been raising interest rates in order to tame rising prices, is seeking to lower inflation to its 2% target rate.
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