Inflation expectations hit record levels in May, New York Fed says


People shop in a supermarket as inflation affected consumer prices in Manhattan, New York City, U.S., June 10, 2022.

Andrew Kelly | Reuters

Consumer expectations for inflation and spending in the year ahead both hit record levels in May, the same month prices rose at their fastest pace since late 1981, the New York Federal Reserve reported Monday.

The outlook for price gains in the coming year increased to 6.6% for the month, up 0.3 percentage points from April and tied with March for the highest rate on record for a survey that goes back to June 2013. That came even though three-year inflation expectations remained essentially unchanged at 3.9%.

At the same time, median household…


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