The University of Michigan's Consumer Sentiment Index dropped to a record low in early April, with consumers expecting a surge in inflation in the next 12 months. The drop in sentiment was across all age, income, and political party affiliation, although almost all responses came before a ceasefire agreement between the U.S.-Israeli war. The survey's measure of consumer expectations for inflation over the next year rose to 4.8% from 3.2% in March. The war has resulted in increased oil prices, with the national average retail gasoline price breaking above $4 a gallon for the first time in over three years.