The University of Michigan’s consumer sentiment index fell to 48.0 in October 2026, marking the second lowest reading in its 80-year history. The decline reflects growing pessimism among US consumers amid persistent inflationary pressures that far exceed the Federal Reserve’s 2.0% target rate.
September data reveals relentless price increases across essential goods and services. Fuel oil surged 74.2% year-over-year, while gasoline rose 34.2%. Computer software costs jumped 28.4%, commercial airfare increased 22.4%, and public transportation climbed 15.6%. Even basic necessities saw significant hikes, with coffee up 7.1%, fish and seafood up 6.9%, and ground beef up 5.4%. Shelter costs rose 3.2% and groceries increased 1.8% during the same period.
US Consumer Sentiment Hits 80-Year Low as Inflation Surges Across Key Sectors
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