The New York Fed’s survey shows people expect inflation to hit 3.4% in a year. That’s up from an expectation of 3% in February, before the war in the Middle East started.
Driven by the younger generations, consumers are turning to online resale options in search of affordability, sustainability, and the thrill of the hunt.
The Institute for Supply Management’s Purchasing Managers Index, out on Monday, showed that the prices businesses pay for what they need shot up 7.7 percentage points in March.
As the war in Iran pushes oil prices higher, some governments are shielding consumers with price controls. But economists warn that caps mask scarcity signals and can trigger the kind of panic buying that can even drive up oil prices more.