Republicans are frustrated with U.S. President Donald Trump's political agenda, which has pushed a key measure of consumer confidence to one of its lowest points in history.
The University of Michigan's Broad Sentiment Index fell to 50.8 in May from 52.2 in April, while the future component fell further to 46.5 as concerns about looming job losses increased.
In the survey, the public's expectations for inflation in the coming year rose from 6.5 percent to 7.3 percent, the highest level since 1981. That reflects concerns that the Trump administration's trade policies will raise prices.
Long-term price expectations also increased, rising from 4.4 percent to 4.6 percent, as registered Republicans worry that taxes will keep cost pressures down over time.
The increased forecasts come even as official data showed consumer inflation fell to 2.3 percent in April - the lowest rate in four years - and producer prices fell last month, even as corporate profit margins were squeezed by higher import tariffs.
Among Republicans themselves, overall sentiment fell from 90.2 to 84.2, the weakest reading since last November, while their economic outlook index fell from 95.9 to 90.8, another six-month low.
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