US consumer confidence fell to a five-month low in October as rising inflation and higher interest rates weighed on sentiment. The University of Michigan's final consumer sentiment index dropped to 48.0 from 48.1 in September, marking the lowest reading since May.
Consumers now expect prices to rise 4.7% over the next year, up from 4.6% predicted last month, while five-to-ten-year inflation expectations climbed to an annual average of 3.5%. Both figures represent their highest levels since May. Despite the decline, the final reading exceeded preliminary estimates and surpassed economist forecasts.
US Consumer Confidence Falls to Five-Month Low Amid Rising Inflation Expectations
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