Ahead of the latest consumer price index data, consumers and economists both see slowing inflation ahead.
The red-hot price inflation that’s burned so many people this year appears to be finally cooling down on everything from gas prices to housing costs, and consumers are finally starting to see light at the end of the inflation tunnel, according to a new look at consumer expectations.
A day before closely-watched data comes on August’s inflation rates, the Federal Reserve Bank of New York’s consumer expectation survey shows that people keep toning down their own inflation rate predictions for the near future.• Median inflation expectations in August were 5.7% for the coming 12 months, down from 6.2% a month earlier.• Predicted cost growth for gas, groceries and rent moderated, while expected home price growth dropped by 1.4 percentage points to 2.1%.
If that’s how it shakes out, inflation’s year-over-year growth would be 7.9%, down from the 8.5% year-over-year growth seen during the July CPI data. July’s numbers were cooler than forecaster predictions. On Monday, a gallon of gas cost an average $3.71, according to AAA. That’s a price decline from a week ago, a month ago and more than a dollar below the all-time high of $5.01 in mid-June, AAA shows.
During the first half of the year, investors have been rattled by questions on how far the Fed will go to fight inflation by raising interest rates — and whether that will stumble the economy into recession.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Tim Hardaway says Run TMC ‘ahead of our time’ in Hall of Fame speechTim Hardaway on Saturday was enshrined in the Naismith Memorial Basketball Hall of Fame, joining Mitch Richmond and Chris Mullin to complete the Warriors’ Run TMC trio.
Les mer »
Latest Andor trailer gives us a glimpse at the Star Wars spinoff ahead of its premiereA three-episode premiere hits Disney Plus on September 21st.
Les mer »
Glass Onion: A Knives Out Mystery: Rian Johnson Asks for 'No Spoilers' Ahead of World PremiereThe highly anticipated Glass Onion: A Knives Out Mystery, the sequel to Rian Johnson's [...]
Les mer »
James ‘Big Cat’ Williams Looks Ahead to New Chicago Bears Season“We’ve got a lot of young players, so they can have a losing season and I’d still feel okay about the product as long as things progress the way they should.”
Les mer »
CDC rolls out new vaccine booster to target Omicron variant ahead of the fall seasonThe Center for Disease Control and Prevention is recommending an additional COVID-19 booster shot that targets the Omicron variant.
Les mer »