The NY Fed survey reveals that Americans expect a drop in consumer prices in the short term but anticipate higher inflation over the next few years. The survey found that the median expectation is a 4.4% inflation rate one year from now, down from 4.7% in March. However, the estimated inflation rate is expected to remain around 2.9% three years from now and 2.6% five years from now. Consumers project an increase in the cost of homes and gasoline but a decrease in college tuition and food prices.
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