Inflation outlook rises, fueled by expected increases for housing costs, New York Fed survey shows

The outlook increased across the one- and five-year horizons as respondents expressed little confidence the Fed will reach its 2% inflation goal anytime soon, a central bank survey showed.

For the five-year outlook, the expectation rose to 2.8%, up 0.2 percentage points. However, at the three-year horizon, the outlook fell to 2.8%, down 0.1 percentage point.released Friday that showed the one-year outlook for May at 3.5%, also up 0.3 percentage point, while the five-year outlook nudged higher to 3.1%.

Respondents to the survey indicated they expect median home price growth of 3.3% over the next year, up 0.3 percentage point from a level that had remained steady for seven months. That was also the highest reading since July 2022 and boosted by those with a high school degree or less, a lower-income cohort of particular worry to Fed officials during a period of surging inflation that took off in early 2022.

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Inflation outlook rises, fueled by expected increases for housing costs, New York Fed survey showsOn a one-year basis, the expectation increased to 3.3%, up 0.3 percentage point from March and the highest since November 2023.
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