November 13, 2018 / 4:09 PM / a month ago

Americans see flat inflation, more spending: NY Fed survey

FILE PHOTO: A customer pushes a shopping cart at a Walmart in Chicago, Illinois, U.S. November 23, 2016. REUTERS/Kamil Krzaczynski/File Photo

NEW YORK (Reuters) - U.S. inflation expectations were unchanged in October from a month ago, even while Americans expected to spend and earn more, according to a Federal Reserve Bank of New York survey published on Tuesday.

The survey of consumer expectations, one of the Fed’s price gauges, showed median one- and three-year ahead inflation expectations were steady at 3 percent in October, and largely unchanged since April.

Median expected household spending growth jumped last month to 3.7 percent, from 2.9 percent in September, its highest level since late 2016. Income growth also rose according to respondents representing a broad array of income and age groups, to 2.9 percent in October from 2.5 percent a month earlier.

The U.S. central bank is expected to raise interest rates again in December as part of a gradual policy tightening meant to head off any rise in inflation above target.

Reporting by Jonathan Spicer; Editing by Chizu Nomiyama

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