The year-ahead inflation expectations in the United States, as compiled by the University of Michigan, dropped to a five-month low of 4.5% in June 2025, slightly above the preliminary 4.4% estimate but well below May’s 6.6% reading - the highest since November 1981. In the meantime, the five-year outlook fell for a third straight month to 3.4% in June, the lowest since January, below the earlier estimate of 3.6%.