(Bloomberg) -- Consumers see the US inflation rate cooling modestly over the next year but are less optimistic in the longer term, according to the latest survey by the Federal Reserve Bank of New York.

Median one-year ahead inflation expectations fell to 5.44% in September, down from 5.75% in the prior month and the lowest in a year, the regional Fed bank said in a report Tuesday. Three years from now, they see prices climbing 2.91%, up from 2.76% in August. Inflation views for five years ahead also rose.

Prices at the grocery store are a chief concern, with year-ahead expectations for food inflation climbing a full percentage point to 6.9% in September, according to the survey. Consumers also see gas prices, the cost of a college education and rents on the rise, while they expect some moderation in medical-care costs.

Controlling inflation has become the top priority for the Federal Reserve, which is expected to boost interest rates by 75 basis points for a fourth-straight meeting next month. The central bank also pays close attention to inflation expectations, as they can become a self-fulfilling prophecy.

The US is experiencing the worst inflation in a generation. September data due on Thursday are expected to show that prices excluding food and energy are rising at the fastest annual pace in four decades.

©2022 Bloomberg L.P.