U.S. consumers' anxieties over inflation in the short term have declined to the lowest point in two years, but their concerns over obtaining credit have ticked up, according to new data from the Federal Reserve Bank of New York.

The New York Fed's Survey of Consumer Expectations released Monday shows Americans' anticipation of inflation a year from now fell by 0.3% to 4.1%, the lowest reading since May 2021. However, the percentage of respondents who expect inflation to rise in three to five years rose to 3% and 2.7%, respectively.

But more Americans also expect to see a credit crunch in their households, according to the survey conducted last month. Expectations of credit access declined from a year ago, according to the New York Fed, while the share of people who said it is now easier to access credit declined.

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Consumers also expressed pessimism about accessing credit in the future, with more respondents saying they expect tighter credit conditions a year from now and the number of people who anticipate looser conditions fell.

The survey's findings are perhaps unsurprising given that the latest consumer price index (CPI) shows inflation has fallen to 4.9% from last year's peak of 9.1%, although it remains uncomfortably high at more than double the pre-pandemic average. 

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At the same time, fears of a credit crunch have risen amid the Fed's aggressive campaign to hike rates in its battle to tame rising prices.

The U.S. consumers' rising concerns their credit access could dry up also comes as Americans collectively carry a record $1 trillion in household debt, and the average annual credit card interest rate hit an all-time high of 20.33%.

"It's been a really rough year for credit card holders," Matt Schulz, the chief Lending Tree credit analyst told FOX Business last month. "Even though the Fed seems to be taking their foot off the gas with interest rates, the unfortunate reality is credit card holders shouldn’t expect things to get a ton better anytime terribly soon, just because interest rates aren’t going down anytime soon."

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FOX Business' Megan Henney contributed to this report.