U.S. consumer sentiment declined in April because of concerns related to higher gasoline prices, according to the University of Michigan’s monthly index.

Those concerns eclipsed a rising stock market and strong job growth, with the final April index of consumer sentiment dropping to 87.4 from the final reading of 88.9 in March and the preliminary reading for April of 89.2, say sources who saw the subscription-only report.

The survey’s index of current conditions rose slightly to 109.2 in April from 109.1 in March while consumer expectations fell to 73.4 from 76.0.

As a result, the University of Michigan’s one-year U.S. inflation expectation rose to a median of 3.3% in April from 3.0% in March, say those who say the report.

Consumer confidence measures are often used to estimate future spending patterns. Consumer spending makes up about two-thirds of overall U.S. economic activity, but in recent years confidence measures have not been the best guide to actual spending plans.