Republicans have grown frustrated with U.S. President Donald Trump's policy agenda, driving a key gauge of U.S. consumer confidence to one of its lowest points ever, FT reported.

The University of Michigan's broad sentiment index plunged to 50.8 in May from April's 52.2, while the forward-looking component slid further to 46.5 as worries about looming job losses intensified.

In the survey, public expectations for inflation one year ahead surged from 6.5 percent to 7.3 percent – the highest level since 1981 – reflecting concerns that the Trump administration's trade policies would drive prices higher.

Longer-term price expectations nudged up as well, climbing from 4.4 percent to 4.6 percent, as registered Republicans worry that levies will keep pressure on costs over time.

These elevated projections come even though official data showed consumer inflation cooling to 2.3 percent in April – the lowest rate in four years – and a drop in producer prices last month, even as companies' profit margins were squeezed by higher import duties.

Among self-identified Republicans, overall sentiment dipped from 90.2 to 84.2 – the weakest mark since last November – while their economic outlook index fell from 95.9 to 90.8, another six-month low.

The polling period ran from April 22 through May 13.