Median one-year-ahead inflation expectations in the US declined to 3.1% in January 2026, the lowest in six months, compared to 3.4% in December. Consumers expect a slowdown in prices for gas (-1.2 percentage points to 2.8%), medical care (-0.1 percentage point to 9.8%), rent (-0.9 percentage point to 6.8%) and home (-0.1 percentage point to 2.9%, its lowest reading since July 2023). Meanwhile, median year-ahead price change expectations were unchanged for food at 5.7% and increased by 0.7 percentage point for the cost of a college education to 9%. In addition, inflation expectations remained steady at 3% for both the three-year and five-year-ahead horizons. Elsewhere, earnings growth expectations increased by 0.2 percentage point to 2.7% and unemployment expectations edged up by 0.1 percentage point to 41.9%.