The US consumer sentiment fell to a record low in early May, driven by inflation fears stemming from surging gas prices and persistent tariffs, according to a University of Michigan survey released on Friday.

The University of Michigan Consumer Sentiment Index, which has been recorded since the 1940s, dropped to 48.2 in early May 2026, down 3.2% from the previous month and 7.7% from a year earlier.

The figure fell below market expectations. Economists surveyed by Dow Jones had forecast a reading of 49.7, CNBC reported.

The current economic conditions index plunged 9% to 47.8 from a month ago, although the index of consumer expectations edged up slightly this month. 

Lower consumer sentiment was driven by "concerns about high prices both for personal finances as well as buying conditions for major purchases," said Joanne Hsu, the survey director.

About one-third of consumers spontaneously mentioned gasoline price, and about 30% mentioned tariffs, according to the survey.

The US national average gas price stood at $4.54 per gallon as of May 8, up 44% from a year earlier, according to the American Automobile Association.

Hsu added that the "Middle East developments are unlikely to meaningfully boost sentiment until supply disruptions have been fully resolved and energy prices fall."

Meanwhile, US real income expectations continued a decline that began in March, the survey showed.