Consumers grew more concerned about inflation in February, with the University of Michigan’s survey showing expectations for inflation a year from now rising to 4.3%, the highest since November 2023.

This jump in inflation concerns followed President Trump’s aggressive tariff actions, including against China, despite delaying tariffs on Canada and Mexico.

The survey also revealed a decline in consumer sentiment, with the overall index dropping 4.6% from January and 11.8% from the previous year, CNBC has reported.

Inflation worries were especially pronounced among lower-income households, with concerns over price increases in essential goods like food, shelter, and transportation.

Written by B.C. Begley