Americans are expecting a record surge in inflation over the next few years, according to a new report from the Federal Reserve Bank of New York.
In its August Survey of Consumer Expectations, the bank said Monday that respondents see inflation a year from now at 5.2%, up from 4.9% the prior month. Three years from now, it is expected to be at 4%, up from 3.7% in July. Both readings mark record-high readings for data that goes back to 2013.
It is a shame that in that last reading that the CPI YoY exceeded Average Hourly Earnings YoY by a 5.4% to 4.3% margin.
Yes, inflation is hot, hot, hot and consumers are feeling it.