Consumer sentiment declined in February, disappointing analysts’ expectations, according to the monthly University of Michigan Consumer Index report released Friday.

February’s drop in consumer sentiment was the first month-to-month decline in three months. Economists had expected the index to be unchanged. Consumers’ assessment of their current personal finances and their expectations also deteriorated, while their inflation fears increased from the previous month.

Compared to January:

Inflation has been a persistent problem for consumers, driven by a spike in the cost of food and shelter, as evidenced by the monthly Consumer Price Index (CPI) report by the U.S. Bureau of Labor Statistics (BLS) reveals.

According to the latest report, January’s 0.3% month-to-month increase was the highest since last September’s 0.4% rise.

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