Consumer spending dropped last month, suggesting that Americans are more hesitant to spend money amid historic increases in inflation.

Last month, spending fell by the most since February 2020, reports Bloomberg.

According to a Friday report from the Department of Commerce, purchases of goods and services — adjusted for changes in prices — decreased by 1% from last November. The personal consumption expenditures price gauge — an index used by the Federal Reserve to assess inflation — rose by 0.4% from the past month and by 5.8% since December 2020. This marks the most significant increase in inflation since 1982.