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The Federal Reserve Bank of New York's Center for Microeconomic Data today released the July 2022 Survey of Consumer Expectations, which shows substantial declines in short-, medium- and longer-term inflation expectations. Expectations about year-ahead price increases for gas and food fell sharply. Home price growth expectations and year-ahead spending growth expectations continued to pull back from recent series highs. Households' income growth expectations improved. The main findings from the July 2022 Survey are: Inflation Median one- and three-year-ahead inflation expectations both declined sharply in July, to 6.2% and 3.2% from 6.8% and 3.6% in June respectively. Both decreases were broad based across income groups, but largest among respondents with annual household incomes under $50k and respondents with no more than a high school education. The measures of disagreement across respondents (the difference between the 75th and 25th percentiles of inflation expectations) increased at the one-year-ahead horizon and decreased noticeably at the three-year-ahead horizon. tweet at 11:00am: U.S. CONSUMERS' MEDIAN 1-YEAR INFLATION EXPECTATION FALLS TO 6.2% IN JULY FROM 6.8% IN JUNE; 3-YEAR VIEW DECLINES TO 3.2% FROM 3.6% -NEW YORK FEDERAL RESERVE SURVEY tweet at 11:00am: U.S. CONSUMERS' MEDIAN 5-YEAR INFLATION OUTLOOK DECLINED TO 2.3% FROM 2.8% IN JUNE -NY FED U.S. CONSUMERS SEE HOME PRICES UP 3.5% IN THE NEXT YEAR, DOWN FROM 4.4% IN JUNE -NY FED https://t.co/iYfreR8vho