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Americans See Inflation Plunging Sharply Next Year, New York Fed Survey Finds

Over the next three years, survey participants expect inflation to drop to 3.2%, largely because of tumbling gas prices, which respondents see increasing by only 1.5% over the next year. Over a five-year period, Americans see inflation running at 2.3% which would be slightly above the Fed’s target, or neutral rate, of 2%.