One Year Ahead CPI Inflation Expectations down in July for Consumers, Firms, Economists

Last one for August (from Survey of Professional Forecasters).

Figure 1: Year-on-year actual CPI inflation (bold black), and expected inflation from University of Michigan (red), NY Fed (light green), Survey of Professional Forecasters (blue +), Coibion-Gorodnichenko SoFIE mean (sky blue squares), and unit cost growth rate (chartreuse), all in %. Source: BLS, U.Michigan via FRED, NY Fed, Philadelphia Fed, Atlanta Fed, Cleveland Fed, and author’s calculations.