Concerns arise that inflation is impacting living standards.
Consumer sentiment fell in early November to its lowest level in a decade due to an escalating inflation rate and the growing belief among consumers that no effective policies have yet been developed to reduce the damage from surging inflation. As CollisionWeek reported November 12, the consumer price index was up 6.2% in October and auto body repair prices were up 6.8% compared to last year.
The Index of Consumer Sentiment was 66.8 in mid-November, down 6.8% from 71.7 in October and down 13.1% from 76.9 in November 2020. The preliminary
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