The university's headline index of consumer sentiment tumbled to 47.6, down 10.7% from March to its lowest on record.

The consumer price index was expected to show a 3.3% year-over-year gain in March, according to the Dow Jones consensus.

The consumer price index increased as expected in March in response to the war in Iran, the Bureau of Labor Statistics reported Friday.

Gasoline prices surged by 21.2% between February and March – the largest monthly increase since the the government began publishing a gasoline price index in 1967.

The university's headline index of consumer sentiment tumbled to 47.6, down 10.7% from March to its lowest on record.

The Iran war has pushed up gasoline, airline fares and other prices for consumers.

Consumer sentiment has dropped to its lowest level on record since World War II thanks to price increases from the war with Iran.