US Consumer Sentiment Plummets Amid Inflation Fears and Middle East Conflict

The University of Michigan's consumer sentiment index dropped to 51.7 in August, down from July's reading of 55.2 points.

This represents an 11% decline from a year ago and is attributed to ongoing inflation worries, particularly among older consumers and those with lower incomes.

The conflict in the Middle East has driven up US inflation, with energy prices soaring after the war began in late February.