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US Inflation Likely to Continue Rising Despite Recent Drop in Consumer Prices - NY Fed

CC BY-SA 4.0 / 0x010C / Federal Reserve Bank of New YorkFederal Reserve Bank of New York
Federal Reserve Bank of New York - Sputnik International, 1920, 14.11.2022
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NEW YORK (Sputnik) - US inflationary pressure is expected to continue rising in the coming year despite a recent drop in consumer prices, the New York Federal Reserve said in a survey published on Monday.
“Median one- and three-year-ahead inflation expectations increased to 5.9 percent and 3.1 percent from 5.4 percent and 2.9 percent, respectively,” the NY Fed said in its so-called Survey Of Consumer Expectations.
The projection comes after the Consumer Price Index, or CPI, expanded at its slowest pace in  nine months in October. The CPI expanded by 7.7% over a 12-month period last month, versus a growth of 7.9% forecast by economists and against the previous yearly growth of 8.2% to September.
A U.S. flag waves outside the New York Stock Exchange, Monday, Jan. 24, 2022, in New York. Stocks are drifting between small gains and losses in the early going on Wall Street Tuesday, May 3, 2022 as investors await Wednesday's decision by the Federal Reserve on interest rates. The Fed is expected to raise its benchmark rate by twice the usual amount this week as it steps up its fight against inflation, which is at a four-decade high. - Sputnik International, 1920, 10.11.2022
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The NY Fed also said that US unemployment expectations have reached their highest level since April 2020 with almost 43% of Americans believing that the jobless rate will increase by next year.
“Mean unemployment expectations — or the mean probability that the US unemployment rate will be higher one year from now — increased to its highest reading since April 2020 of 42.9 percent,” the NY Fed said in its so-called Survey Of Consumer Expectations.
US employers added 261,000 jobs in October, almost 35% above economists’ expectations, according to a Labor Department report earlier this month that kept the Fed on its toes in its fight against inflation.
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