Americans' inflation expectations soar to new high as consumer prices surge

Americans' inflation fears accelerated again in November, climbing for the 13th consecutive month to a new record high, according to a key Federal Reserve Bank of New York survey published Monday.

The median expectation is that the inflation rate will be up 6% one year from now, the highest level for the gauge since its launch in June 2013, according to the New York Federal Reserve's Survey of Consumer Expectations. Inflation expectations over the next three years fell slightly to a median of 4%, a drop that was precipitated by responses from those without college degrees. It marked the first decline in six months.

"Median inflation uncertainty — or the uncertainty expressed regarding future inflation outcomes — increased at both the short- and medium-term horizons, with both reaching new series highs," the survey said.

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