American consumers' inflation expectations rose for the first time since October last year, according to a survey released by the Federal Reserve Bank of New York on Monday.
The median one-year-ahead inflation expectation increased by 0.5 percentage points to 4.7% in March, the survey showed.
"Respondents were more pessimistic about future credit availability as well, with the share of households expecting it will be harder to obtain credit a year from now also rising," it said.
The three-year-ahead inflation expectations fell 0.1 percentage point to 2.8%.
Expectations about year-ahead price increases for gas, food, cost of rent, and medical care all continued to decline, while expectations for the cost of college education increased, according to the survey.
Consumer inflation in the U.S. rose 9.1% annually in June, the largest 12-month increase since November 1981. With the U.S. Federal Reserve's aggressive monetary tightening, consumer inflation gain eased to 6% in February.
