WASHINGTON (Reuters) - U.S. inflation expectations edged up in April, according to a Federal Reserve Bank of New York survey published on Monday.
The survey of consumer expectations, which the Fed considers along with other data on U.S. price pressures, showed median one-year ahead expectations increased to 2.98 percent, from 2.75 percent in March. The three-year measure also rose to 2.97 percent, from 2.91 percent previously.
Both gauges have largely been on an upward trend this year after years in which they slipped since the survey began in 2013.
The rise in consumer expectations comes as the U.S. central bank continues its tightening cycle that began in late 2015, with past worries over weak inflation receding.
The Fed’s preferred measure of inflation is now effectively at the central bank’s 2 percent target rate after undershooting that goal for almost six years. Price gains increased to 1.9 percent in the 12 months through March.
The Fed unanimously decided to raise interest rates at its policy meeting in March. It forecasts another two rate rises for this year, although an increasing number of policymakers see three as a possibility.
The New York Fed survey is done by a third party that taps a rotating panel of about 1,300 heads of household.
Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama