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.

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. 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. Consumers raised their inflation expectations for both the one- and five-year horizons.