Year-ahead inflation expectations in the US, measured by the University of Michigan Surveys of Consumers, inched higher to 4.3% in August of 2026 from 4.2% in the previous month, according to a preliminary estimate. The result was mostly owed to the impact of higher energy prices as the war in Iran limited oil and fuel supply from the Middle East. Longer-run inflation expectations, measured by expectations of inflation in a five-year outlook, were at 3.3% for the third month.