U.S. consumer sentiment slumped to a record low in early May as higher gasoline prices weighed on household finances and purchasing power, a survey showed on Friday.

The University of Michigan’s Surveys of Consumers said its Consumer Sentiment Index fell to an all-time low of 48.2 this month from a final reading 49.8 in April. Economists polled by Reuters had forecast the index dipping to 49.5.

“Consumers continue to feel buffeted by cost pressures, led by soaring prices at the pump,” said Joanne Hsu, the director of the Surveys of Consumers. “Middle East developments are unlikely to meaningfully boost sentiment until supply disruptions have been fully resolved and energy prices fall.”

The survey’s measure of consumer expectations for inflation over the next year slipped to 4.5% from 4.7% April. Consumers’ expectations for inflation over the next five years edged down to 3.4% from 3.5% last month.

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(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)