Americans expect food and rent prices to rise at a rapid pace: US consumers expect rent prices to jump +8.4% over the next year, one of the highest readings in 2 years, according to NY Fed. To put this into perspective, these expectations did not surpass 6.0% in the 5 years prior to 2020. Additionally, 1-year ahead food prices are anticipated to increase +5.5%, the most since Q4 2023. This is a sharp surge from the +3.8% expected 8 months ago. Americans think inflation is here to stay.