Consumers' view of inflation hasn't changed much in the past month, but spending growth expectations "retreated significantly," according to the Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.
Regarding inflation, while the median expectations were mostly steady, with one-year expectations at 2.9% and three-year at 3.0%. "At the one-year horizon, the 75th percentile of responses declined slightly, reaching its lowest level since the start of the series in June 2013," according to the release.
Consumers see gas price growth in the next year at 4.7%, after a big drop last month.
Median home price increases dipped to a projection of 3.4% January from 3.6% in December.
Consumers see earnings rising 2.5% in the year, flat from the prior month's survey.
