The year-ahead inflation expectations in the United States, as compiled by the survey of the University of Michigan, stood at 4.8% in September 2025, matching August’s level but still above July’s five-month low of 4.5%, according to preliminary figures. Meanwhile, the five-year inflation outlook increased for a second consecutive month, reaching a three-month high of 3.9% in August, up from 3.5% in July.