Rising costs hit US consumer confidence

U.S. consumer confidence declined significantly at the beginning of October, coinciding with an increase in inflation expectations to 4.7% over the next twelve months. This reflects growing pressure resulting from rising prices and the effects of the conflict in the Middle East. Data showed that the consumer confidence index dropped to 46.3 points, compared to September’s reading of 48.1 points, while inflation expectations rose from 4.6% to 4.7%. The study also indicated that low-income consumers and smaller investment portfolios are feeling the greatest impact from the decline in confidence, with inflation expectations continuing to rise since the start of the year.

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