ISTANBUL

American consumers' one-year ahead inflation expectation fell in June, according to a survey released Monday by the Federal Reserve Bank of New York. 

The median one- and five-year ahead inflation expectations both dropped 0.2 percentage points to 3.0% in June from 3.2% in May, and to 2.8% from 3.0%, respectively, said the survey.

However, median three-year ahead inflation expectations rose 0.2 percentage point to 2.9% from 2.8% during that period.

"Median home price growth expectations decreased to 3.0% from 3.3%, back to the series 12-month trailing average," the New York Fed said in a statement.

"Median year-ahead expected price changes decreased for all goods in the survey, by 0.5 percentage point for gas to 4.3%, 0.5 percentage point for food to 4.8%, 1.7 percentage points for the cost of medical care to 7.4%, 2.6 percentage points for rent to 6.5%, and 3.1 percentage points for the cost of a college education to 5.3%," it added.

The median one-year ahead expected earnings growth climbed 0.3 percentage point to 3.0% – the measure’s highest reading since last September, according to the New York Fed.