In November 2025, the University of Michigan's survey reported that inflation expectations for the upcoming year in the United States decreased to 4.5%, a slight drop from the initial estimate of 4.7%. This marks the third consecutive month of a decline in inflation forecasts. At the same time, the five-year inflation outlook was adjusted to a four-month low at 3.4%, down from a previous estimate of 3.6% and lower than the 3.9% recorded in October.