Americans are worried about inflation.

US consumer median 1-year ahead inflation expectations jumped +0.3 percentage points in September, to 3.9%, their highest level since May 2023.

This figure has risen +0.9 percentage points since February.

Over the next year, consumers expect gasoline prices to increase +4.8%, food prices to rise +5.5%, medical costs to surge +9.2%, the price of a college education to jump +7.5%, and rent prices to rise +6.8%.

1-year inflation expectations have now been at or above 3.0% for 22 consecutive months.

Meanwhile, 3-year inflation expectations rose +0.1 percentage point last month, to 3.3%, the highest level since June 2022.

Consumers are bracing for a prolonged period of higher prices.

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