Inflation & Prices
US Near-Term Inflation Views Jump to 4.2%, Highest Since May
- Longer-term inflation expectations also rose in October
- News of war weighed on University of Michigan sentiment gauge
Over 80% of consumers said inflation would cause greater hardship than unemployment in the year ahead.
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US near-term inflation expectations rose in October to a five-month high as consumers feared higher prices at the gas pump, reinforcing downbeat views on the economy.
Consumers expect prices will climb at an annual rate of 4.2% over the next year, up from the 3.2% expected last month, according to the final October reading from the University of Michigan. They see costs rising 3% over the next five to 10 years, data Friday showed.