The numbers: The University of Michigan consumer-sentiment index rose to 102 in March from 99.7 in February, topping the consensus economist forecast of 99.5. That’s the highest reading in 14 years.

What happened: All of the gain in the sentiment index was driven by households with incomes in the bottom third of the distribution on a better assessment of current conditions. Consumers are expecting prices to rise, and are buying ahead of that. Near-term inflation expectations jumped — the expected inflation rate next year was 2.9%, a three-year high — and interest rates were expected to increase by the largest proportion since 2004, the University of Michigan said.