The median rate of perceived inflation over the previous 12 months decreased to 8.9% in April 2023, from 9.9% in March. Median expectations for inflation over the next 12 months decreased to 4.1% in April, from 5.0% in March, and those for inflation three years ahead decreased to 2.5%, from 2.9% in March. Uncertainty about inflation expectations 12 months ahead also decreased. Thus, the increases observed in March have largely been reversed. Inflation expectations, particularly at the three-year horizon, remained well below the perceived past inflation rate. Inflation perceptions and expectations continued to be ... (full story)