Photo: A shopper inside a grocery store in San Francisco on May 2, 2022. Photographer: David Paul Morris/Bloomberg A shopper inside a grocery store in San Francisco on May 2, 2022. Photographer: David Paul Morris/Bloomberg

U.S. long-term inflation expectations picked up in October, in a potentially concerning sign for the Federal Reserve as it tries to keep price views steady.

In the final October reading from the University of Michigan, consumers expect prices to climb at an annual rate of 2.9 percent over the next 5 to 10 years, compared with last month’s 2.7 percent. And they see costs rising 5 percent over the next year, up from 4.7 percent in September, data showed Friday.

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