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US consumers expect inflation to fall sharply as gas prices continue to drop, Fed survey says

US consumers expect inflation to fall sharply, survey shows



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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.The survey — which measures consumers' expectations for overall inflation as well as prices for food, gas, housing and education — is one of three key inflation-related gauges to be released this week. It will be followed by the Consumer Price Index on Tuesday and the Producer Price Index on Wednesday. The central bank will be reviewing this and other data closely as it weighs the extent of another rate hike at its monetary policymaking meeting on September 20 and 21 in its battle to bring down historic inflation.Read MoreThis story is developing and will be updated.


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