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The preliminary April reading on consumer confidence in the United States declined more sharply than expected, due to rising inflation expectations.
According to preliminary data released on Friday, the University of Michigan consumer sentiment index fell to 77.9 in April from 79.4 in the previous month, which was the highest reading since mid-2021. The average forecast a Bloomberg survey of economists had forecast the indicator at 79.
Consumers expect prices to rise at an annual rate of 3.1% over the next 12 months, up from the 2.9% expected a month earlier. This is the highest estimate this year. They also expect costs to rise 3% over the next five to 10 years, the highest in five months.