Expectations for Inflation and Spending Hit Record Highs in May 2022: New York Fed Survey

A woman shops for fruit at a grocery store in New York City on May 31, 2022. Samira Bouaou/The Epoch Times

Inflation and spending expectations for the coming year hit a record high in May, as prices rose at the fastest pace in almost 41 years, the New York Federal Reserve reported in survey results on June 13.

The median one-year outlook for inflation gains increased to 6.6 percent in May, up from 6.3 percent in April, which is now tied with March as the highest on record since the survey was first taken on June 2013, according to the New York Fed.