Consumer sentiment took a dive in March as concerns about rising prices and slowing economic performance hit home for U.S. households.

Sentiment fell for the third straight month, dropping 12 percent from its February reading in the University of Michigan’s benchmark survey. Sentiment was 28 percent lower than it was in March of last year.

Inflation expectations among consumers for the year ahead rose to 5 percent, up from 4.3 percent last month. This marked the highest reading since 2022 as well as three months of expectation increases that Michigan pollsters described as “unusually........

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