WASHINGTON, (Reuters) – U.S. consumer sentiment dropped more than anticipated in March after gasoline prices rose to a new record in the wake of Russia’s invasion of Ukraine. A survey was conducted on Friday.

University of Michigan reported that its preliminary consumer sentiment index fell to 59.7 from 62.8 in February.

Reuters polled economists to forecast that the index would drop to 61.4. After Russia invaded Ukraine, prices rose by more than 30%. On February 24, the global benchmark hit a record high of $139/barrel in 2008. The index then fell to around $110/barrel on Friday.

AAA data revealed that the average U.S. gasoline price is $4.331/gallon, up from $3.48 per month earlier.

As part of broad and severe sanctions against Moscow, President Joe Biden has banned the import of Russian oil from the United States. This is likely to lead to further increases.

According to the University of Michigan, its gauge of current economic conditions dropped from 68.2 February to 67.8 in March. The measure of consumer expectations fell to 54.4, from 59.4 on February.

From 4.9% in February, the survey’s 1-year inflation expectation rose to 5.4%. This is its highest level since 1981. 5.0% was the average five-year rate of inflation.

According to the government, consumer prices saw their biggest annual rise in forty years on Thursday in February.