U.S. consumers boosted their expectations for inflation and household spending in the year ahead as the price of gas and food steepens, but tempered their view of inflation over the medium-term, according to a survey released on Monday by the New York Federal Reserve.
Expectations for where inflation will be in one year rose to 6.6 percent in March, the highest since the survey was launched in 2013 and up from 6.0 percent in February. Household spending was seen growing 7.7 percent in the year ahead, also a series high. Just 23 percent saw their household finances improving in the year ahead, the smallest share since the survey began.
