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 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.

U.S. consumer sentiment slumped further in May while one-year inflation expectations surged as households remained concerned about the economic impact of President Donald Trump's aggressive and often erratic trade policy.