02:47 PM EDT, 05/13/2024 (MT Newswires) -- The New York Federal Reserve's inflation expectations survey for April showed a sharp increase in the one-year horizon to 3.3% from 3% in March, moving expectations further away from the Fed's 2% target.

Price expectations were up for all the commodity components measured in the report and there were expectations of faster home price growth over the next year, rising to 3.3% from 3% in March.

Expectations for overall inflation in the three-year horizon slowed to 2.8% from 2.9%, while inflation expectations for the five-year horizon rose to 2.8% from 2.6%.