March 12, 2018 / 3:13 PM / 7 months ago

U.S. inflation expectations rise: New York Fed survey

NEW YORK (Reuters) - U.S. inflation expectations edged higher last month, with one measure hitting its highest level in a year, according to a Federal Reserve Bank of New York survey published Monday that adds to signs of price pressures.

FILE PHOTO - Shoppers ride escalators during Black Friday sales at the Uniqlo Fifth Avenue store in Manhattan, New York, U.S., November 25, 2016. REUTERS/Andrew Kelly

The survey of consumer expectations, which the Fed considers among other data as it continues to gradually raise interest rates, showed median one-year ahead inflation expectations rose to 2.83 percent from 2.71 percent in January, the highest reading since February 2017.

The three-year measure was 2.88 percent in February, up from 2.79 the month before. (For a graphic of inflation expectations since 2013, click:

Both measures have edged higher this year, making up ground after years in which the gauges, taken since mid-2013, have generally slipped.

The U.S. central bank raised rates three times last year and is expected to hike again next week, in a nod to fiscal stimulus, hot employment, and overall data suggesting prices are rising after more than five years below a 2-percent Fed target.

The New York Fed survey, in which a third party taps a rotating panel of about 1,200 household heads, found last month’s rise was driven by higher-educated respondents. Their uncertainty around the inflation expectations were the lowest recorded.

Reporting by Jonathan Spicer; Editing by Chizu Nomiyama

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