Year-ahead inflation expectations in the United States, as reported by the University of Michigan Surveys of Consumers, were confirmed at 4.7% in October 2026, up from 4.6% in September and reaching their highest level since May. At the same time, the five-year inflation outlook rose for a second consecutive month, climbing to 3.5% in October from 3.4% in September, also the highest since May and in line with the preliminary estimate.