Shell gas station prices are seen on May 30, 2023 in Austin, Texas.Brandon Bell | Getty ImagesConsumers are growing more optimistic that inflation is on the way down, according to a New York Federal Reserve survey released Monday.The central bank’s monthly Survey of Consumer Expectations for May showed one-year inflation expectations down 0.3 percentage point to a 4.1% rate.That’s the lowest annual outlook since May 2021, just as inflation was beginning to spike to its highest level in more than 41 years. The one-year expectation then was 4%; inflation as measured by the consumer price index actually would rise to 8.6% a year later.In the current case, the survey matches general expectations that while prices are still well above the Fed’s 2% annual target, the general trend is lower as some of the Covid pandemic-specific factors such as outsized demand for big-ticket go …
