Survey shows consumers expect inflation relief within the next year

According to new Federal Reserve bank data, consumers are expecting to see inflation come down within the next year.

COLUMBIA, S.C. (WOLO)— According to new Federal Reserve bank data, consumers are expecting to see inflation come down within the next year.

Consumers believe they will see relief on prices for food, rent, medical care and gas.

However, those surveyed said they do expect median home prices to rise about 1.5%.

Measurements of inflation expectations are closely watched by federal officials as they seek to bring down the highest inflation in decades.

Officials want consumer expectations to be “anchored” at roughly 2%, which is the Fed’s target rate for actual inflation.