A report from the New York Federal Reserve found that the public in the USA maintained stable expectations for short-term inflation in January and expected future spending to decline significantly. The survey showed that expectations for inflation levels one year and three years ahead remained unchanged at 3%, while the expectation for inflation five years ahead rose from 2.7% in December to 3%. In January, the public also predicted larger increases in future food, RBOB Gasoline, rent, college, and Medical costs, while expectations for housing prices rose from 3.1% in December to 3.2%. Consumer expectations for future household spending changed from 4.8% in December to 4.4%, the lowest level since January 2021. However, the report noted that this reading is still higher than levels prior to the COVID-19 pandemic.