The one-year inflation outlook took a substantial dip, down to 3.2% — a 0.4 percentage point decrease from April.

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.

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