Consumers expect 4.0% inflation over the next year
The survey showed that consumers perceived inflation over the previous 12 months at 4.0%, up from 3.5% in March.
Expectations for inflation over the next year remained unchanged at 4.0%. Longer-term inflation expectations were stable to slightly lower, with three-year ahead expectations declining to 2.9% from 3.0%, and five-year expectations holding steady at 2.4%.
Consumers became less optimistic about income growth, with expected nominal income growth over the next 12 months falling to 0.8%, down from 1.2% in March.
Households reported stronger spending trends, with perceived spending growth over the past year increasing to 5.3%, and expected spending growth over the coming year rising to 4.3% from 4.1%