New York Fed: US medium-term inflation expectations fall to new lows

According to the New York Federal Reserve's survey of consumer expectations, one-year inflation expectations were 2.97 percent in July, slightly lower than the previous month's 3.02 percent. Median inflation expectations for the next three years fell sharply by 0.66 percent to 2.3 percent, the lowest since the survey began in June 2013. The New York Fed said perceptions of credit access worsened in July compared to a year ago, with an increase in the proportion of households reporting that it is more difficult to access credit than a year ago. In addition, consumers expect gasoline prices to rise by 3.46 percent next year, food prices to rise by 4.67 percent, health care costs to rise by 7.61 percent, college education costs to rise by 7.15 percent, and rents to rise by 7.14 percent.