Consumers expect prices will climb at an annual rate of 3.2% over the next year, the highest since November and up from the 2.9% expected in March. They see costs rising 3% over the next five to 10 years, also a five-month high.

The figures highlight the toll stubborn price pressures, along with higher borrowing costs, are taking on consumers. At the same time, separate figures on Friday showed households continue to spend on the heels of solid wage growth.

While “consumers’ frustration over high prices in their day-to-day spending decisions grew this month, price concerns for large purchases - durable goods, vehicles, and homes - were all little changed from last month,” Joanne Hsu, director of the survey, said in a statement.

About 38% of consumers reported that high prices were weighing down their living standards, up from 33% who said so last month.

Consumers’ perceptions of their current financial situation and the economic outlook over the next year both slid to four-month lows.

The current conditions gauge dropped to 79 from 82.5. A measure of expectations fell to 76 from 77.4.

Sentiment gauges also provide insight into voters’ feelings about the economy and their finances leading up to the presidential election in November. President Joe Biden’s recent polling bump in key battleground states has mostly evaporated amid economic pessimism, the latest Bloomberg News/Morning Consult poll found.

“Consumers continue to express uncertainty about the future trajectory of the economy pending the outcomes of the upcoming election,” Hsu said.

This month, the university began a transition to online surveying rather than telephone calls. March data comprised more than 600 phone interviews and nearly 200 web interviews.

--With assistance from Jarrell Dillard and Kristy Scheuble.