U.S. consumer sentiment weakens in October as households anticipate higher inflation over next year

U.S. consumer sentiment fell sharply in October as households anticipated higher inflation over the next year, a survey showed on Friday.“Nearly all demographic groups posted setbacks in sentiment, reflecting the continued weight of high prices,” Joanne Hsu, the director of the University of Michigan’s Surveys of Consumers, said in a statement.

The survey’s reading of one-year inflation expectations increased to 3.8 per cent this month from 3.2 per cent in September. The five-year inflation outlook rose to 3.0 per cent from 2.8 per cent in the prior month, staying within the narrow 2.9-3.1 per cent range for 25 of the last 27 months.

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