People shop for goods at a Publix in Nashville, Tennessee, on December 22, 2022, ahead of winter storm Elliot.
Seth Herald | AFP | Getty Images
Consumers see the inflation burden easing while they expect to pull back considerably on their spending, according to a closely watched survey the New York Federal Reserve released Monday.
The central bank district’s monthly Survey of Consumer Expectations for December showed that the one-year inflation outlook declined to 5%, down 0.2 percentage point from the previous month and the lowest level since July 2021.
While that pace would still be well above the Fed’s goal of 2% annual inflation, it represents progress in the…