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2026-05-22 22:25:47
[US Consumer Confidence Plunges to Record Low Due to Inflation Concerns] Affected by the conflict with Iran, the US consumer confidence index fell to a record low in May, and long-term inflation expectations also deteriorated significantly. Data shows that the final reading of the University of Michigan's consumer sentiment index for May fell to 44.8, with consumers expecting an annualized price increase of 3.9% over the next five to ten years, up from 3.5% in April and reaching a seven-month high. They also expect prices to rise by 4.8% over the next year. Gasoline prices continue to hover near their highest levels since 2022, exacerbating Americans' concerns about rising living costs and the failure to reach an agreement to end the war. The impact of inflation on household budgets, especially for low-income consumers, poses a risk to future consumption prospects. Joanne Hsu, the survey's director, stated, "The cost of living remains the top concern, with 57% of respondents indicating that high prices are eroding their personal finances, up from 50% last month." She added, "The key is that consumers seem worried that inflation will not only spread to areas beyond fuel prices, but that this upward trend may continue for a long time to come."
