Americans are less optimistic about the economy, with the University of Michigan consumer mood index falling below experts’ expectations.

Long-term inflation forecasts have risen to a level not seen since 2011, with consumers expecting five-year inflation of 3.2%, up from 3% last month.

Gas price expectations reached a year-high, and the Federal Reserve’s inflation expectations have risen.

CPI inflation has stagnated in recent months, rising 3.7% yearly in August and September.

Fed Chair Jerome Powell called these inflation developments “favorable,” but said they are not enough to declare triumph in the fight against inflation.