Over the past decade, an increasing number of studies have shown that the performance of specific actions (e.g., approach and avoidance) in response to a stimulus can lead to changes in how that stimulus is evaluated. In contrast to the reigning idea that these effects are mediated by the automatic formation and activation of associations in memory, we describe an inferential account that specifies the inferences underlying the effects and how these inferences are formed. We draw on predictive processing theories to explain the basic processes underlying inferential reasoning and their main characteristics. Our inferential account accommodates past findings, is supported by new findings, and leads to novel predictions as well as concrete recommendations for how action performance can be used to influence real-world behavior.