US consumer sentiment unexpectedly fell to the second-lowest level on record and inflation expectations climbed to multi-decade highs amid growing concerns about tariffs.

The numbers: The University of Michigan’s popular gauge of U.S. consumer sentiment edged down to 50.8 in a preliminary May reading from 52.2 in the prior month. This is the index’s fifth straight monthly drop. Expectations for inflation spiked.

Year-ahead inflation expectations rose to 7.3% from 6.5% last month, according to a University of Michigan survey.