The 1-year and 5-year inflation expectations have spiked in August 2025.

1-year inflation expectation: 4.9%

5-year inflation expectation: 3.9%

Both the 1-year and 5-year inflation expectations have spiked in August 2025.  This shows that the Trump's tariffs have started to affect consumers' sentiments.  The hardcore data will only reflect this poor sentiment later.