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US consumer sentiment weakens in October

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© FILE PHOTO: A man arranges produce at Best World Supermarket in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. REUTERS/Sarah Silbiger/File Photo

WASHINGTON () – U.S. consumer sentiment fell sharply in October as households anticipated higher inflation over the next year, a survey showed on Friday.

The University of Michigan’s preliminary reading on the overall index of consumer sentiment came in at 63.0 this month compared to 68.1 in September. Economists polled by had forecast a preliminary reading of 67.2.

“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% this month from 3.2% in September.

The five-year inflation outlook rose to 3.0% from 2.8% in the prior month, staying within the narrow 2.9-3.1% range for 25 of the last 27 months.

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