MNI BRIEF: NY Fed - Inflation Expectations Tick Higher

The New York Fed's median measures of year-ahead and five-year-ahead consumer inflation expectations ticked up in July, according to the bank's Survey of Consumer Expectations.

One-year-ahead inflation expectations increased a tenth to 3.09%, three-year-ahead inflation expectations were flat at 3.00%, and five-year-ahead inflation expectations increased three tenths to 2.88%, the survey said. Median year-ahead commodity price change expectations decreased by 0.3 percentage point for gas to 3.9%, 0.1 percentage point for the cost of medical care to 9.2%, 0.4 percentage point for the cost of college education to 8.7%, and 2.1 percentage points for rent to 7.0%. The year-ahead expected change in food prices was unchanged at 5.5%.

Labor market expectations were mixed. Median one-year-ahead earnings growth expectations increased by 0.1 percentage point to 2.6% in July, remaining below the trailing 12-month average of 2.8%.