US consumer sentiment fell in recent weeks to a fresh record low on concerns about the impact of inflation on personal finances and buying conditions.

The preliminary May sentiment index decreased to 48.2 from 49.8 in April, according to the University of Michigan. The survey period includes responses from April 21 to May 4.

Consumers expect prices to rise at an annual rate of 4.5% over the next year, down slightly from a month earlier, data Friday showed. They saw costs rising at an annual rate of 3.4% over the next five to 10 years.

The report showed “about one-third of consumers spontaneously mentioned gasoline prices and about 30% mentioned tariffs,” Joanne Hsu, director of the survey, said in a statement. “Taken together, consumers continue to feel buffeted by cost pressures, led by soaring prices at the pump.”