Americans are worried about inflation. US consumer median 1-year ahead inflation expectations jumped +0.3 percentage points in September, to 3.9%, their highest level since May 2023. This figure has risen +0.9 percentage points since February. Over the next year, consumers expect gasoline prices to increase +4.8%, food prices to rise +5.5%, medical costs to surge +9.2%, the price of a college education to jump +7.5%, and rent prices to rise +6.8%. 1-year inflation expectations have now been at or above 3.0% for 22 consecutive months. Meanwhile, 3-year inflation expectations rose +0.1 percentage point last month, to 3.3%, the highest level since June 2022. Consumers are bracing for a prolonged period of higher prices.