Joanne Hsu, Director of Consumer Research at the University of Michigan: From 4.9% in November to 4.4% in December, it's still far higher than two years ago. The decline in short-term inflation expectations is evident among all age, income, and education groups. Long-term inflation expectations have remained within a narrow range of 2.9-3.1% for 16 months over the past 17 months, albeit rising. While a sharp decline in short-term inflation expectations may be good news, consumers are still showing great uncertainty about future price trends.