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

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. 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,

U.S. consumer sentiment nudged down to 73.2 in January's preliminary estimate, vs. 74.9 consensus from December's 74.0, according to the University of Michigan's Surveys of Consumers released on Friday.