Michigan and the rest of the country may finally be catching their breath on the inflation front. According to the University of Michigan’s latest Survey of Consumers for July, inflation expectations have dropped to their lowest levels since before President Trump’s “Liberation Day” tariff announcement in April. That’s welcome news for Michiganders weary of rising prices at the grocery store, gas station, and everywhere in between.
The one-year inflation outlook slid from 5% in June to 4.4% in July – down from a peak of 6.6% in May. Longer-term expectations over five years also fell to 3.6%, a decline of 0.4 percentage points. While those numbers still reflect consumer caution, they represent a major step back from the edge.
Additionally, the University of Michigan’s sentiment index – which measures how consumers feel about the economy, their personal finances, and future outlook – edged up to 61.8 in July, a 1.8% increase from June.
Michigan’s consumer confidence has been battered by economic whiplash over the last several years, including pandemic disruptions, price spikes, and most recently, tariff threats. The survey shows that while people in the state remain wary of price instability, there’s growing optimism that the worst may be behind them.
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Author: Ray Hilbrich
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