US consumers expect inflation to fall sharply, survey shows
CNN
Americans are expecting inflation to ease in both the short and long run, according to new data from the Federal Reserve Bank of New York.
In August, the median expectations for one- and three-year inflation dropped to 5.7% and 2.8% respectively, down from 6.2% and 3.2% in July, according to the NY Fed's Survey of Consumer Expectations for August, released on Monday morning.
The decline comes amid a continued slump in gas prices. The national average cost for a gallon of gas has dropped to $3.71, down significantly from its June peak of more than $5.
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