Americans remain concerned about the rapidly rising costs of key goods like food and rent, though declines in the price of gasoline in recent weeks has helped buoy the national mood.
The University of Michigan’s index of consumer sentiment rose to 55.1 this month from a July reading of 51.1. Economists expected a reading of 52.5, according to a Wall Street Journal poll.
Big picture: Americans remain concerned about the rapidly rising costs of of key goods like food and rent, though declines in the price of gasoline in recent weeks has helped buoy the national mood. Overall price inflation stayed flat in the month of July, according to the consumer price index released by the government on Wednesday, though the cost of a common basket of goods remained 8.5% higher when compared to the same period last year.Inflation remains a top concern for Americans, despite the stabilization of overall prices last month, with Hsu noting that 48% of respondents blame inflation for “eroding their living standards.
In June, Federal Reserve Chairman Jerome Powell told reporters that a sharp rise in inflation expectations “were quite eye catching” and “something we need to take seriously.”
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