The University of Michigan's Consumer Sentiment Index fell to 58.2 in August, marking a 5.7% decline from July's 61.7 and a 14.3% year-over-year decrease, reaching its lowest point in three months. The Current Economic Conditions Index dropped to 61.7, while the Expectations Index stood at 55.9. The report highlights that inflation concerns have reduced the willingness to purchase durable goods to a one-year low, with short-term and long-term inflation expectations rising to 4.8% and 3.5%, respectively.