Median inflation expectations hit a new series high in June, according to a new analysis from the Federal Reserve Bank of New York's Center for Microeconomic Data.

The New York Fed's June 2021 Survey of Consumer Expectations showed that median inflation expectations increased 0.8 percentage point at month to 4.8% at the one-year horizon. They are unchanged at 3.6% at the three-year horizon. At the same time, households' labor market expectations improved, with expectations of unemployment reaching a new low. Year-ahead income and spending growth expectations also continued an upward drive, as did home price growth expectations.

"The increase in the short-term measure was driven mostly by respondents who have some college education," the New York Fed noted in a statement analyzing the data. "Our measures of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) reached new series' highs at both horizons."