New York Fed: U.S. Consumers' One-Year Inflation Expectations Rise to 3.9%

The New York Fed's September 2026 Consumer Expectations Survey report shows that U.S. consumers' inflation expectations for the next year rose to 3.9% in September, reaching a new high in over three years. The report indicates that households' short-term and medium-term inflation expectations have increased, while long-term inflation expectations remain unchanged. Expectations for the labor market have improved, with declines in unemployment rate, job-seeking expectations, unemployment expectations, and resignation expectations. Expectations for income and spending growth have risen, but households' views on their future financial situation have worsened. Three-year inflation expectations rose from 3.2% to 3.3%, while five-year expectations remained at 3%. Households' expectations for price increases in gasoline, food, and other items have risen, alongside a deterioration in evaluations of financial conditions and credit difficulties, although expectations for the job market have improved.