U.S. consumers expect inflation to increase over the next 12 months and beyond, likely reflecting concerns that broad tariffs on imports pledged by President-elect Donald Trump's incoming administration could raise prices for households.

Americans’ expectations for overall inflation over the next year jumped to 3.3% in January from 2.8% in the prior month, according to the University of Michigan’s gauge of consumer sentiment.

U.S. consumer confidence clouded over a little this month, after views of the economy weakened on expectations of higher inflation, as President-elect Donald Trump prepares to take office proposing tax cuts and new import tariffs.

US consumers’ long-term inflation expectations jumped to the highest since 2008 on concerns about potential tariffs from the incoming Trump administration.

U.S. consumers are kicking off the new year in a downbeat mood as inflation expectations jumped. The University of Michigan’s consumer sentiment index ticked down to a reading of 73.2 in the first few weeks of January,