Americans' anxiety about the future path of inflation eased in May, as they also grew more upbeat about the state of their personal finances, according to a report released on Monday by the New York Federal Reserve.

Consumers expect lower inflation over the next year than they did a month ago, the New York Federal Reserve found in its latest survey. Over the next 12 months, consumers expect prices to rise 3.2%, down by 0.

Consumers’ expectations for future price pressures improved across all horizons in May, and households’ pessimism about the labor market somewhat eased, according to monthly survey data released Monday by the Federal Reserve Bank of New York.