ISTANBUL

American consumers' short-term inflation expectations remained unchanged in January, according to a survey released Monday by the Federal Reserve Bank of New York.

The median one- and five-year ahead inflation expectations in January stood at 3% and 2.5%, respectively, the survey showed.

The median inflation expectations at the three-year ahead horizon, on the other hand, declined to 2.4% last month, from 2.6% in December.

"Median home price growth expectations were unchanged for the fourth consecutive month at 3.0%," the New York Fed said in a statement.

"Median one-year ahead expected earnings growth increased by 0.3 percentage point to 2.8%, returning to the narrow range of 2.8% to 3.0% seen between September 2021 and October 2023," it added.

After soaring to 9.1% in June 2022, its highest in more than 40 years, annual US consumer inflation dropped to 3% in June 2023 but climbed to 3.4% in December.