American consumers aren’t expecting much inflation in the next year

One of the questions on theNew York Fed’s Survey of Consumer Expectationsasks respondents what they think inflation will look like in the near future.

The median consumer’s expected one-year ahead inflation rate has been on a mostly downward trend since the New York Fed began the survey in June 2013. In February, however, there was a spike upward in this measure: The median consumer expected an inflation rate of 2.71% over the next year.

In March, however, respondents’ views of inflation fell back to earth. The median consumer expected just 2.53% inflation over the next year, the second lowest reading since the New York Fed began the survey in June 2013.

source
Business Insider/Andy Kiersz, data from New York Fed