Rising gas prices may finally be affecting the economy, new data indicates.

Gas consumption has been declining at 3-5% for the past seven weeks, and is 3% lower than last year according to research from DataTrek. DataTrek says this is a change, as this was not the case before April of 2022. This would indicate consumers are finally altering behavior in response to the higher prices.

DataTrek wrote, “Given that commuting is the single most common reason Americans drive, we would have thought gas consumption would still be showing positive comps to last year. Office occupancy was barely 20% at this point last year and is double that now (43%). Lower gasoline consumption is therefore a troubling sign about overall consumer spending patterns.”

According to AAA, the national average price for a gallon of regular unleaded was $4.76.

This data comes on the heels to the University of Michigan showing that their final consumer sentiment measure fell to 58.4 this May, a fall of of .7 from 59.1 earlier in the month. That is the lowest mark in over ten years, and stokes worries inflation of prices for such necessities as food, fuel, and housing are finally affecting consumer behavior.

Consumer spending showed a .9% increase in April according to the Commerce Department, but it is believed that rise came from consumers utilizing savings, after the savings rate fell to 4.4% in April, from 5% in March. As savings runout, spending behavior may begin to change, with grave implications for the economy.

EY-Parthenon Chief Economist Greg Daco wrote, “The U.S. economy remains strong approaching mid-year, but cracks are starting to appear in the foundation.”