Consumer Confidence Weakens on High Inflation, Rising Rates

A person shops in the meat section of a grocery store in Los Angeles, Calif., on Nov. 11, 2021. Mario Tama/Getty Images

U.S. consumer confidence fell to a 3-month low in May as soaring prices and rising interest rates fed into a cooling of buying intentions for goods like cars and houses, and as consumers expressed worry about the future pace of inflation.

The Conference Board said in a May 31 statement that its Consumer Confidence Index fell from an upwardly revised 108.6 in April to 106.4 in May.