According to economists, people are worried about high prices and a weak labor market, which could slow down consumer spending|Sarl sofamar|CC BY-SA 4.0

Consumer sentiment dropped 8% in April compared to March as inflation fear surged, according to a survey by the University of Michigan.

The reading is a slight improvement from the previous print taken earlier this month.

A separate index measuring consumers’ expectations for the future crashed 32% since January—the steepest three-month slide since the 1990 recession.

Inflation expectations spiked to their highest since 1991 due to tariffs.

Economists say people are worried about high prices and a weak labor market, which could slow down consumer spending.