U.S. consumer confidence started to decline again in October, after witnessing two continuous months of strong growth.
High inflation rates, caused by years of low borrowing rates and persistent supply shortages, are beginning to take a toll on American consumers, as the economy is in the midst of a recession.
The Conference Board’s Consumer Confidence Index fell to a three-month low of 102.5, from 107.8 in September, according to the latest monthly survey released on Oct. 25.
This is below the median forecast of 105.9 revealed in a Bloomberg survey of economists.
Inflation started to surge again in October, its first increase since June, due to rises in gas and food prices….