Consumer Confidence Slips as Inflation Expectations Surge to 16-Year High

U.S. consumer confidence slipped in January as inflation concerns surged, with long-run inflation expectations reaching their highest level since 2008.

A customer shops at a Safeway store in San Francisco on June 11, 2024. Justin Sullivan/Getty Images

U.S. consumer confidence dipped slightly in January amid growing worries about a revival of price pressures, with near-term inflation expectations seeing a significant jump and long-run expectations surging to their highest level in over 16 years.

Confidence among American consumers fell by a modest 0.8 points from December to a reading of 73.2 in January, according to the closely watched University of Michigan’s consumer sentiment survey, released on Jan. 10.