Consumers’ attitudes about the economy were mostly unchanged in March, following large gains in December and January.

Many respondents in the University of Michigan Surveys of Consumers for March expressed increased confidence that inflation will continue to ease and that their personal finances will improve.

“Over the first three months of 2024, consumers have consistently expressed that the economy appears to be holding its course,” Surveys of Consumers Chief Economist Joanne Hsu said in a statement.

Still, a slightly larger percentage of survey respondents in March (20%) said they were concerned about high food prices. In February, 17% said so. About a third of consumers (33%) said high prices were eroding their living standards — similar to the survey’s findings earlier this year.

Expectations for business conditions in the coming year reached their highest level since July 2021 and is 30% higher compared with November 2023.

In March, many consumers mentioned their attitudes were tentative and subject to change in the lead up to November’s general election. About 20% of survey respondents in March mentioned elections compared with 16% who did so in March 2020 and 18% in March 2016.

Survey respondents who mentioned the election said their views about the economy were contingent on the outcome of November’s election. Democrats, Republicans and independents all said they expected the election results would be favorable for the economy.

“While this general uncertainty does not seem to be depressing attitudes toward the economy, sentiment remains stubbornly shy of the historical average, even as consumers recognize the marked improvements in the economy since the peak of high inflation in mid 2022,” Hsu said.

The University of Michigan survey mirrors the Conference Board Consumer Confidence Index released Wednesday, which also found consumer confidence largely unchanged in March.