A report from the University of Michigan revealed the preliminary reading for the Reuters/Michigan index of consumer sentiment rose to 97.8 in early March. That was the highest reading since December 2018.

Economists had expected the index would increase to 95.3 this month from February’s final reading of 93.8.

The early March gains were attributable to rising income and lower inflation expectations as well as prospects for growth in the overall economy during the year ahead.

According to the report, the index of current U.S. economic conditions rose to 111.2 in March from 108.5 in the previous month. Meanwhile, the index of consumer expectations climbed to 97.8 this month from 93.8 in February.