Median inflation expectations in the United States fell to 3.2% for the one-year horizon in October 2025, down from 3.4% in September, which had marked a five-month high. Expectations for inflation three and five years ahead remained unchanged at 3.0%, suggesting longer-term views remain stable. Home price growth expectations held steady at 3.0% for the fifth consecutive month. Meanwhile, year-ahead commodity price expectations declined, dropping 0.7 percentage points for gas to 3.5% and 0.1 percentage point for food to 5.7%. In contrast, expectations for certain key expenses moved higher. Respondents projected college education costs to rise 8.2% (+1.2 pp), medical care costs to increase 9.4% (+0.1 pp, the highest since February 2023), and rent to climb 7.2% (+0.2 pp).