Investing.com -- US consumer expectations for inflation remained largely unchanged in August, while concerns about employment and personal finances increased, the New York Federal Reserve reported Tuesday.

The regional Fed bank's Survey of Consumer Expectations showed respondents maintained their projection of 3.6% inflation one year from now and 3% five years from now. Expected inflation three years from now decreased to 3.2% from 3.3% in July.

Survey participants anticipated higher gasoline prices in one year, according to the report.

Consumer outlook on employment and personal finances weakened in August. Respondents' expectation for the unemployment rate one year from now reached its highest level since April 2020, when the COVID-19 pandemic affected the economy. This trend was consistent across different age, income and education levels.

The perceived probability of losing a job decreased in August compared to July. The likelihood of finding new employment after involuntary job loss also declined from the July survey.

Survey participants lowered their assessments of current and future financial situations, as well as their views on credit access now and in one year.

The Consumer Price Index for August is scheduled for release on Friday. Several Federal Reserve officials have indicated this data could be decisive for their policy decision at the September 15-16 meeting.

The Fed's benchmark overnight interest rate currently stands in the 3.50%-3.75% range. Inflation remains above the central bank's 2% target.

Fed Governor Christopher Waller said Thursday that if the upcoming inflation report shows continued progress toward the 2% goal, he would support keeping the policy rate at its current level.

Cleveland Fed President Beth Hammack wrote on LinkedIn Friday that given inflation conditions in her district, it is time to act to reduce price pressures. Hammack voted for a rate increase at the late July meeting.