Americans’ expectations for inflation in the year ahead increased sharply in April, hitting their highest since 1981, according to the University of Michigan’s consumer-sentiment survey.

Year-ahead inflation expectations jumped to 6.7% from 5.0% in March.

That was the fourth consecutive month of unusually large increases of 0.5 percentage points or more, the survey said. All political affiliations saw a rise.

Longer-run inflation expectations also increased to 4.4% this month. A year ago, they stood at 3%. The Federal Reserve targets 2% annual inflation.

Inflation expectations are important because economists think those expectations can be self-fulfilling. If consumers expect prices to rise, they may ask for pay increases. If businesses believe there are widespread expectations that prices are going up across the board, they may feel more inclined to raise their prices, too.