The University of Michigan's index of consumer sentiment dipped to 71.1 at the end of January, below both the mid-month reading and the previous month, the university said. It also was below economists' expectations for a reading of 73.2, according to a poll compiled by The Wall Street Journal.

Sentiment among U.S. consumers fell for the first time in half a year amid rising concerns of a fresh spike in prices ahead. The University of Michigan's index of consumer sentiment dipped to 71.1 at the end of January,