By Jessica Dickler, CNBC •
Updated on May 10, 2021 at 1:55 pm
David Paul Morris | Bloomberg | Getty Images
Americans expectations for inflation over the next few years hit its highest level in nearly a decade, according to a new report by the Federal Reserve Bank of New York.
Overall, the expectation is that the inflation rate would be up to 3.4% one year from now its highest level since September 2013 and at 3.1% three years from now, according to the Fed survey for April. Download our mobile app for iOS or Android to get alerts for local breaking news and weather.
As the economy reopens in the wake of the coronavirus crisis, more Americans expect inflation to increase over the next few years.
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Provided by Dow Jones Shares of retailers and other consumer companies fell as inflation fears built. The price of various commodities, including lumber, copper and iron ore are at or near records. Gasoline prices were hovering near multiyear highs even before a major pipeline outage crimped East Coast supplies. Household expectations of inflation levels one year from now jumped to 3.4% in April from 3.2% in March, for the highest reading since September 2013, according to the Federal Reserve Bank of New York s Survey of Consumer Expectations. In one indication of inflation risks, chicken processor Tyson Foods said it s raising wages to improve staffing at its poultry plants, spending tens of millions of dollars to buy meat from competitors and even bringing in a new male bird to help breed bigger flocks.
Inflation expectations hit 7-year high as rebound strengthens: Fed businessinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessinsider.com Daily Mail and Mail on Sunday newspapers.