According to the New York Federal Reserve Consumer Expectations Survey, the April one-year inflation forecast rose to 3.26% from 3.00% the previous month, the highest level since November last year.
According to the report:
The median expected increase in housing prices rose to 3.3%, a new high since July 2022
The median expected profit growth rate for the next year fell 0.1 percentage points to 2.7%
The median increase in household spending is expected to rise 0.2 percentage points to 5.2 percent
Consumers expect gasoline prices to rise 4.78%, food prices to rise 5.31%, medical expenses to rise 8.69%, college education prices to rise 9.02%, and rent prices to rise 9.12% in the next year
12.93% of consumers expect to be unable to pay the minimum debt in the next three months, compared to 12.90% the previous month