US Consumer Long-Term Inflation Expectations Reach 12-Year High
- Inflation views over 5-10 years rose to 3.2% in November
- University of Michigan sentiment index dropped to 60.4
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US consumers’ long-term inflation expectations increased to the highest since 2011, while concerns about high borrowing costs and the economy’s prospects mounted in a fresh blow to sentiment in early November.
Consumers expect prices will climb at an annual rate of 3.2% over the next five to 10 years, up from 3% a month earlier, according to the preliminary November reading from the University of Michigan. They see costs rising 4.4% over the next year, compared to last month’s 4.2%, according to data released Friday.