The University of Michigan’s preliminary Consumer Sentiment Index fell to 51.0 in August, down from 55.2 in July and below the median forecast of 55.0. The decline ended two consecutive months of improvement.

Forecasts from 41 economists ranged from 51.0 to 57.2.

Both major components of the survey weakened. The Current Economic Conditions Index declined to 51.8 from 54.8 in July, while the Consumer Expectations Index fell to 50.6 from 55.4.

Consumers’ median inflation expectation for the coming year edged up to 4.3% from 4.2%. The expected inflation rate over the next five to 10 years remained unchanged at 3.3%.

Overall, the report indicates that consumers have become more pessimistic about both current economic conditions and the outlook, while near-term concerns about rising prices persist.