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.

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.

U.S. consumers lowered their inflation expectations at the short-, medium-, and longer-term horizons in May, as their financial outlooks improved slightly during the month.