US consumers’ long-term inflation expectations jumped to the highest since 2008 on concerns about potential tariffs from the incoming Trump administration.

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 confidence clouded over a little this month, after views of the economy weakened on expectations of higher inflation, as President-elect Donald Trump prepares to take office proposing tax cuts and new import tariffs.

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.

Americans expect prices will climb at an annual rate of 3.3% over the next five to 10 years, up from the 3% expected last month, according to the University of Michigan's preliminary January survey. Mike McKee reports on "Bloomberg Open Interest.

India's consumer price inflation is expected to have dropped to 5.3 per cent in December, driven by a slowdown in food price increases, according to a Reuters poll of economists. This reduction in inflation fuels expectations of a potential interest rate cut by the Reserve Bank of India (RBI) next month,