Americans expect prices to rise 5% over the next year. Americans remain pessimistic about their buying power, as even healthy wage gains have not kept pace with the cost of living.
The numbers: The University of Michigan’s gauge of consumer sentiment fell to an initial February reading of 61.7, from January’s level of 67.2, the lowest reading since October of 2011.Key details: Expectations for inflation over the next year rose to 5% from January’s expectation of 4.9%, the highest level since July of 2008, while inflation expectations over five years held steady at 3.1%.
Big picture: With consumer prices rising 7.5% since last January, the fastest pace in 40 years, Americans remain pessimistic about their buying power, meaning healthy wage gains have not kept pace with the rise in the cost of living. “The impact of higher inflation on personal finances was spontaneously cited by one-third of all consumers, with nearly half of all consumers expecting declines in their inflation adjusted incomes during the year ahead,” he added. “In addition, fewer households cited rising net household wealth since the pandemic low in May 2020, largely due to the falling likelihood of stock price increases in 2022.
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