As the economy reopens in the wake of the coronavirus crisis, more Americans expect inflation to increase over the next few years.
Overall, the expectation is that the inflation rate would be up to 3.4% one year from now — its highest level since September 2013 — and at 3.1% three years from now, according to the Federal Reserve Bank of New York’s Survey of Consumer Expectations for April.
Expectations for how much more consumers will spend on homes, rent and the cost of a college education all rose in April, while the expected change in gas prices fell slightly from a high in March.