Consumers' year-ahead expectations for inflation hit the highest level since 2008, according to a key survey by the University of Michigan.
What they're saying: Shoppers referred to higher prices for homes, cars and other goods on average more "than any time since the last inflationary era in 1980," per the survey's chief economist Richard Curtin.
- UMich's consumer sentiment index pulled back from its one-year high, thanks to the inflation worries.
Why it matters: Some economists say higher inflation will be a blip. Fears they're wrong sent shockwaves through the stock market this week.
- Consumer longer-term inflation expectations also hit the highest level in over a decade.