Consumer sentiment in the US fell to a record low in May

Consumer sentiment in the United States fell to a new historic low in Mar: Americans are increasingly wary of rising prices due to the U.S. war with Iran and rising oil prices, according to the data of the University of Michigan consumer survey released on Friday. The consumer sentiment index fell to 44.8 points. The preliminary estimate was 48.2 points. At the same time in April, the index amounted to 49.8 points, recalls CNBC.

"Consumer sentiment declined for the third consecutive month as supply disruptions in the Strait of Hormuz continue to push up gasoline prices. Sentiment is now slightly below the previous all-time low recorded in June 2022," said Joanne Xu, director of the research group. - Critically, consumers appear to be wary of inflation accelerating and spreading beyond fuel prices, even over the longer term."

Inflation expectations for the year rose to 4.8%, up from 4.7% last month. In February, before the outbreak of the war in Iran, they stood at 3.4%.

Long-term inflation is expected to rise to 3.9% - up from April's estimate of 3.5%, CNBC writes.

This article was AI-translated and verified by a human editor