By Ovunc Kutlu
ANKARA (AA) - The median expected year-ahead inflation rate in the US fell to 4.6%, its lowest reading since last September, with continued declines in energy prices, according to a survey released Friday.
The median long-run inflation expectations fell below the 2.9%-3.1% range for the first time since July 2021, University of Michigan's consumer survey said.
"However, it is unclear if these improvements will persist, as consumers continued to exhibit substantial uncertainty over the future trajectory of prices," said Surveys of Consumers Director Joanne Hsu.
The index of consumer sentiment increased 1.3 points to 59.5 this month, from 58.2 last month, according to the survey's preliminary results.
"The one-year economic outlook continued lifting from the extremely low readings earlier in the summer, but these gains were largely offset by modest declines in the long run outlook," the survey said.
The index of current economic conditions rose 0.3 points to 58.9 in September, from 58.6 in August.
"Personal finance components of the index as well as buying conditions for durables remained at similar, relatively low levels from last month," the survey said.
"After the marked improvement in sentiment in August, consumers showed signs of uncertainty over the trajectory of the economy," it noted.
The index of consumer expectations also added 1.9 points to 59.9, from 58.0, during that period.