U.S. 5-year inflation expectations, as measured by the Michigan survey, eased slightly in February 2026, slipping to 3.3% from 3.4% previously. The move marks a modest downtick but keeps medium-term inflation sentiment elevated compared with pre-pandemic norms.
The figures, updated on 20 February 2026, suggest that while consumers remain cautious about the inflation outlook over the next five years, fears of further acceleration may be stabilizing. The February reading underscores a gradual cooling in expectations that could be closely watched by policymakers and markets assessing the durability of disinflation trends in the United States.
