US consumers’ long-term inflation expectations jumped to the highest since 2008 on concerns about potential tariffs from the incoming Trump administration.

Americans’ expectations for overall inflation over the next year jumped to 3.3% in January from 2.8% in the prior month, according to the University of Michigan’s gauge of consumer sentiment.

U.S. consumers expect inflation to increase over the next 12 months and beyond, likely reflecting concerns that broad tariffs on imports pledged by President-elect Donald Trump's incoming administration could raise prices for households.

U.S. consumer confidence clouded over a little this month, after views of the economy weakened on expectations of higher inflation, as President-elect Donald Trump prepares to take office proposing tax cuts and new import tariffs.

Americans expect prices will climb at an annual rate of 3.3% over the next five to 10 years, up from the 3% expected last month, according to the University of Michigan's preliminary January survey. Mike McKee reports on "Bloomberg Open Interest.

U.S. consumer sentiment nudged down to 73.2 in January's preliminary estimate, vs. 74.9 consensus from December's 74.0, according to the University of Michigan's Surveys of Consumers released on Friday.