By Ovunc Kutlu
ANKARA (AA) - Inflation expectations in the US over the next year declined from a record high level to 6.3% in April, according to a survey released Monday.
The figure is a 0.3 percentage point drop from the record high seen in March.
"Households remained positive about their labor market prospects with earnings growth expectations stable at its series high and job loss expectations hovering near its series low," the Federal Reserve Bank of New York said in its April 2022 Survey of Consumer Expectations.
"However, perceptions of credit access relative to a year ago fell for the fourth consecutive month, and expectations of credit access one year from now declined to a series low," it added.
Inflation expectations in the country over the next three years, on the other hand, rose 0.2 percentage points from March to 3.9% in April, according to the survey.
Annual consumer inflation, or CPI, in the US rose 8.5% in March, the largest 12-month increase since December 1981. The CPI data for April will be released next Wednesday.
The Fed last week raised its benchmark interest rate by 50 basis points to tame inflation, with Chair Jerome Powell saying more rate hikes are likely in the offing.