Survey of Consumer Expectations, released by the Federal Reserve Bank of New York’s Center for Microeconomic Data, revealed a decline in short- and medium- term inflation expectations in April.

According to the report, median inflation expectations dropped by 0.2 percentage points at both the one-year and three-year horizon, to 2.6% and 2.7% in April respectively, their lowest readings since late 2017. The decreases were broad-based across income groups.

Median home price change expectations remained stable at 3.0% in April, the fifth consecutive reading at this level, while expectations for changes in the cost of a college education and medical care rose to 7.2% and 7.8% in April, from 5.8% and 7.5% in March, respectively. The median one-year ahead expected change in gasoline prices increased to 4.9% in April from 4.7% in March.