Record concerns about rising prices weigh on index.
A falloff in consumer confidence in May is due to surging inflation that consumers anticipate will persist in the year ahead, according to the University of Michigan Surveys of Consumers.
The Consumer Sentiment Index fell to 82.9 in the May 2021 survey from 88.3 in April, although it remained well above last May’s 72.3. The Expectations component fell to 78.8 in May from 82.7 in April, but was well above last year’s 65.9. The Current Conditions Index fell to 89.4 in May 2021 from 97.2 in April, but remained ahead of last