US 1-Year Inflation Expectations Steady at 3%

US consumer inflation expectations for the year ahead remained steady at 3% for a third consecutive month in March 2024, holding at three-year lows.

Consumers expect higher prices for gas (+0.2 percentage points to 4.5%), food (+0.2 percentage points to 5.1%), medical care (+1.3 percentage points to 8.1%), rent (+2.6 percentage points to 8.7%) and college education (+0.7 percentage points to 6.5%).

On the other hand, median home price growth expectations were unchanged for the sixth consecutive month at 3.0%.

Meanwhile, the median three-year ahead inflation expectations increased to 2.9% from 2.7%, whereas the median five-year ahead decreased to 2.6% from 2.9%.