Median US inflation expectations for the year ahead rose 0.3 percentage point to 3.9% in September 2026, the highest level since May 2023, according to the latest Survey of Consumer Expectations. Year-ahead price expectations increased across several key categories. Gasoline expectations rose 1.7 percentage points to 4.6%, food to 5.3%, and medical care to 9.1%. Expectations for college tuition increased to 6.1%, while rent rose to 6.6%. At the three-year horizon, inflation expectations edged up 0.1 percentage point to 3.3%, while five-year expectations were unchanged at 3.0%.