Consumers expect prices will climb at an annual rate of 2.8% over the next five to 10 years, the lowest since July 2021, according to a survey from the University of Michigan. They see costs rising 4.6% over the next year, the lowest since last September, data Friday showed.
Even with the drop in inflation expectations, consumers aren’t much more upbeat about their financial prospects. About 42% of consumers still cite high prices as eroding their living standards, down from a peak of 49% in July. Still, lower gasoline prices are giving Americans more to cheer about. The current conditions gauge rose slightly to 58.9, the highest since May. A measure of expectations increased to 59.9 this month, the highest since April.
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