UMich Inflation: Record 49% Of Americans Say "High Prices Are Wiping Out Living Standards"

October’s UMich data reveals a troubling economic outlook: inflation expectations soared to a disconcerting 3.8%, the highest since May 2023, while consumer sentiment plummeted to 63.0 from 68.1 due to rising inflation fears. A stark 49% of consumers report eroding living standards due to escalating prices, and the economic news index nosedives, reflecting increasing concerns about unemployment and price hikes.