[UMich Survey of Consumers] Inflation expectations surge in March, +4.9% year ahead (up 0.6) and +3.9% long run (up 0.4, biggest jump since 1993)

Year-ahead inflation expectations jumped up from 4.3% last month to 4.9% this month, the highest reading since November 2022 and marking three consecutive months of unusually large increases of 0.5 percentage points or more. This month’s rise was seen across all three political affiliations. Long-run inflation expectations surged from 3.5% in February to 3.9% in March. This is the largest month-over-month increase seen since 1993, stemming from a sizable rise among Independents, and followed an already-large increase in February.

Source: Surveys of Consumers