US consumer sentiment weakened in early October, with inflation continuing to weigh on households, and views of current economic conditions dropping to a record low, according to a University of Michigan survey released on Friday.

The preliminary consumer sentiment index fell to 46.3, the lowest since May and below the median forecast of 47.6 in a Bloomberg survey of economists.

The current conditions gauge declined to 44.7 from 50.9 last month, the weakest reading on record, while the expectations measure rose to 47.3 from 46.3, its first increase since July.

Consumers expect prices to rise 4.7% over the next year, slightly above last month's 4.6%, and they anticipate inflation of 3.5% annually over the next five to 10 years, also a bit higher than September's projection.

Joanne Hsu, who directs the survey, said in a statement that sentiment fell sharply this month among low-income consumers and those with smaller stock portfolios.

Gains in confidence among Democrats and Republicans were offset by a decline among independents.

"Despite their differences, consumers of all political stripes believe the economic outlook has weakened compared with before the outbreak of the Iran conflict earlier this year," Hsu said.

Although consumer sentiment has remained at historically low levels for much of this year, spending has stayed healthy, supported by a steady labor market and a strong stock market.

The survey covered responses collected between September 22 and October 5.

A special report released on Friday on how consumers are coping with higher gasoline prices showed that only about 31% expect to maintain their usual spending levels over the next year.

Slightly more than half of respondents said they would cut back on spending on household goods, cars, dining out, and vacations.