By Ovunc Kutlu
ISTANBUL (AA) - Inflation expectations in the US climbed up in November, while consumer sentiment declined, according to the University of Michigan's consumer survey preliminary results released Friday.
Year-ahead inflation expectations increased to 4.4% in November, recording the highest reading since April 2023. The figure showed gains from October’s 4.2% level and September’s 3.2% reading.
Long-run inflation expectations also rose, from 3.0% last month to 3.2% this month, and marked the highest reading since 2011.
"Gas price expectations, both over the short and long run, rose to their highest readings this year," said Surveys of Consumers Director Joanne Hsu.
The index of consumer sentiment declined 3.4 percentage points to 60.4 in November, from 63.8 in October.
The market expectation for the index was to come in at 63.7.
"Consumer sentiment slipped for the fourth straight month," said Hsu. "Ongoing wars in Gaza and Ukraine weighed on many consumers as well. Overall, lower-income consumers and younger consumers exhibited the strongest declines in sentiment."
The index of current economic conditions plummeted 4.9 percentage points to 65.7 in November, from 70.6 in October, according to the survey results.
The index of consumer expectations decreased 2.4 points to 56.9 from 59.3 during that period.