U.S. Consumer Confidence Index Falls to 48, Hitting a Five-Month Low

The U.S. Consumer Confidence Index has slightly declined due to rising prices and increasing interest rates, reaching its lowest level in five months. The final value of the University of Michigan's Consumer Confidence Index fell from 48.1 in September to 48, although this figure is still better than the preliminary reading and above economists' expectations. Consumers expect prices to rise by 4.7% over the next year, up from the previous month's forecast of 4.6%; at the same time, they believe costs will grow at an average annual rate of 3.5% over the next five to ten years. Both of these figures are the highest since May.

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