U.S. consumers’ long-term inflation expectations ticked up in April, according to the latest reading of the Michigan 5-Year Inflation Expectations index. The measure rose to 3.4% in April 2026 from 3.2% in March 2026, based on data updated on 10 April 2026.
The increase suggests that households see inflation running slightly higher over the medium term than they did a month earlier. While the change is modest, shifts in long-term expectations are closely watched by markets and policymakers because they can influence wage demands, spending decisions, and, ultimately, the inflation outlook for the U.S. economy.
