WASHINGTON, May 22 (Reuters) - U.S. consumer sentiment plunged to a record low in May as surging gasoline prices because of the war with Iran fueled anxiety over worsening affordability, a survey showed on Friday.

The University of Michigan's Surveys of Consumers said its Consumer Sentiment Index dropped to a final reading of 44.8, an all-time low, from 48.2 earlier this month. The index was at 49.8 in April. Economists polled by Reuters had forecast the index unchanged at 48.2.

"The cost of living continues to be a first-order concern, with 57% of consumers spontaneously mentioning that high prices were eroding their personal finances, up from 50% last month," said Joanne Hsu, the director of the Surveys of Consumers. "Independents and Republicans saw decreases in sentiment, with both groups reaching their lowest readings of the current presidential administration."

The survey's measure of consumer expectations for inflation over the next year rose to 4.8% from 4.7% in April. Consumers' expectations for inflation over the next five years shot up to 3.9% from 3.5% last month.