Consumers expect inflation to be slightly lower in the coming year, and median household spending growth to be off considerably, according to the Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.
Regarding inflation, one-year expectations dipped to 2.7% in April from 2.9% in March, while three-year inflation was seen rising to 3.0% from 2.9%.
Median one-year ahead home prices are still expected to grow 3.4%.
Median household spending expectations slumped to 3.8% from 4.5%, tying the series low set in February.
Consumers see gas price growth in the next year at 5.7%, off from 6.0% last month.
"The median one-year ahead household income growth expectation decreased slightly to 2.8%, remaining close to the series' high attained in March," according to the survey.
