American consumers' short-term inflation expectations fell in October, according to a survey released Monday by the Federal Reserve Bank of New York.
The median one-year-ahead inflation expectation slightly decreased by 0.1 percentage point to 3.6% last month from 3.7% in September, the survey showed.
The five-year-ahead inflation expectation also declined by 0.1 percentage point to 2.7% in October from 2.8% the month before.
Median one-year-ahead expected earnings growth decreased by 0.2 percentage points to 2.8% in October, according to the survey.
However, median home price growth expectations were unchanged at 3.0%, remaining well above the series 12-month trailing average of 2.1%, said the survey.
After soaring to 9.1% in June last year, its highest in more than 40 years, annual U.S. consumer inflation dropped to 3% this June but climbed up to 3.7% in September.