According to a survey issued by the Federal Reserve Bank of New York on Monday, US inflation is expected to fall to the lowest level since February.
The median expectation of one-year inflation dropped 0.6 percentage points to 6.2% in July, compared to 6.8% in June, the survey said.
Three-year inflation expectations fell 0.4 points percentage from 3.6% to 3.2% -the level lowest since April.
“Hopes about the increase in prices for the next year for gas and food dropped sharply,” said the survey.
While expectations about changes in gas prices in the future dropped sharply, down 4.2 points percentage to 1.5%, expectations for food dropped 2.5 percentage points to 6.7%.
Also on a positive record, the expected median growth in household income rose 0.2 points percentage to 3.4% in July, a new high level in a survey that covered around 1,300 households.
In the United States, consumer inflation increased by 9.1% yearly in June, the highest increase in 12 months since November 1981.
US inflation expected to fall