Americans are bracing for a wave of higher inflation over the next year, amid projections of large gains in home prices, rent, food, gasoline, and medical costs, the May New York Fed Survey of Consumer Expectations reported on Monday.One year from now, the public expects inflation to hit 4%, a series of high for the New York report, from the projected 3.4% increase reported in April. Three years from now, survey respondents stated that they expected to see inflation at 3.6%, the second-highest reading for the survey, up from April’s 3.1%.The leap in expectations for inflation arrived as respondents to the survey project massive increases in home prices and for other things critical to daily life. One year from now, food and rent prices are expected to climb by 8% and 9.7%, respectively, both carving out series highs. Meanwhile, the expected climb in gasoline and medical care prices also increased, with both readings just short of 10%.Home prices are expected to increase by 6.2% a year from now, a series high, and up from April’s 5.5% reading.The New York Fed expected inflation readings arrived just as the Federal Reserve is scheduled to hold over Tuesday and Wednesday a pivotal meeting on financial policy. Central bankers will gather as economic activity surges and the coronavirus pandemic subsides. That has opened the door to an active debate as to whether it is time for central bankers to dial back the hostile levels of stimulus they are now providing the US economy.