April 11 (UPI) — Consumers are experiencing a record-high fear about climbing prices as inflation concerns continue around the country, according to a new study released Monday by the New York Federal Reserve.
The survey, taken in March, showed while anxiety over inflation in the medium term decreased, short-term inflation worries are currently at high levels. A median of those participating in the survey see inflation rising to 6.6% next year from 6% they saw in February.
Over the next three years, though, they expect to see inflation decrease to 3.7%.
“The decline in medium-term expectations was driven by respondents with no college education and with annual household incomes under $50,000,” the study said. “Disagreement across respondents (as measured by the difference between the 75th and 25th percentiles of inflation expectations) increased at both horizons to new series highs.”
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