Falling gas prices are raising hopes that inflation is slowing, New York Fed survey shows


A person removes the nozel from a pump at a gas station on July 29, 2022 in Arlington, Virginia.

Olivier Douliery | AFP | Getty Images

Lower gas prices are raising optimism that inflation is on the decline, according to a survey Monday from the New York Federal Reserve.

Respondents to the central bank’s August Survey of Consumer Expectations indicated they expect the annual inflation rate to be 5.7% a year from now. That’s a decline from 6.2% in July and the lowest level since October 2021.

Three-year inflation expectations dropped to 2.8% in August from 3.2% the previous month. That was tied for the lowest level for that measure since November 2020.

The lowered outlook came amid a tumble in…


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