U.S. consumer confidence declined slightly this month as gas prices stayed high and inflation remained elevated, a sharp contrast to soaring stock prices hover near record levels.

The Conference Board’s consumer confidence index slipped 0.7 points to 93.1 in May, the first decline after three months of gains. The measure hasn’t fallen as much this year as other gauges of consumer attitudes, but it has been stuck at a low level since the pandemic. Before COVID-19, it regularly reached 130.

This month, the Conference Board added special questions to its survey, which found rising prices have caused most Americans to change their spending habits. Two-thirds of respondents said they are cutting back spending in response to the increases, with most of those reducing overall purchases and delaying more expensive acquisitions.

A separate gauge of consumer sentiment released last week by the University of Michigan fell to a record low this month. Soaring gas and food costs have worsened inflation that is outpacing the average growth in paychecks, reducing most Americans’ purchasing power. Americans have soured on President Trump’s economic policies, polls show, potentially creating problems for Republicans heading into the midterm elections.

Consumer sentiment is mostly gloomy even as the economy is still growing and the unemployment rate has stayed low. Some economists argue that the gap reflects inequality in a “K-shaped” economy, with higher-income Americans benefiting from rising stock prices and still spending while lower-income households struggle.

Tuesday’s consumer confidence survey showed that confidence grew among households with incomes at or above $100,000, while it fell for most others.

“The prospect of higher prices and faster inflation continues to loom over confidence readings with many households taking a more cautious approach to purchases this year,” Ben Ayers, Nationwide senior economist, said.

Americans’ outlook on the job market worsened slightly. The proportion of respondents who said jobs are “plentiful” dropped to 25.5%, the lowest in three years. At the same time, just 18.6% said jobs were “hard to get,” the smallest percentage since October. The findings reflect the “low-hire, low-fire” job market that has made it harder for those out of work to obtain new jobs.