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MNI INTERVIEW: U.S. Consumers' Price Expectations Soften-UMich

(MNI) Washington

Consumers expect some sort of downturn, University of Michigan's Joanne Hsu says.

There are tentative signs consumers expect inflation to come down from recent highs as many feel gas prices may have crested and the economic outlook darkens, the head of the University of Michigan's Survey of Consumers, Joanne Hsu, told MNI.

The University of Michigan survey's inflation expectation measures declined in the preliminary July report with the median expected year-ahead inflation rate dipping to 5.2% from 5.3% and median long run expectations falling to 2.8%, just below the 2.9-3.1% range seen in the preceding 11 months.

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There are tentative signs consumers expect inflation to come down from recent highs as many feel gas prices may have crested and the economic outlook darkens, the head of the University of Michigan's Survey of Consumers, Joanne Hsu, told MNI.

The University of Michigan survey's inflation expectation measures declined in the preliminary July report with the median expected year-ahead inflation rate dipping to 5.2% from 5.3% and median long run expectations falling to 2.8%, just below the 2.9-3.1% range seen in the preceding 11 months.

Keep reading...Show less