US consumer sentiment deteriorates in September, inflation expectations rise

WASHINGTON, Sept 11 (Reuters) - ‌U.S. consumer ​sentiment ​deteriorated in early September as rising gasoline prices and trade ‌tensions stoked fears of higher inflation over ⁠the next 12 months, a survey showed on ‌Friday.

The University of Michigan's ‌Surveys of Consumers said its Consumer Sentiment Index dropped to 47.8 this month ​from 51.7 in August. Economists polled by Reuters had forecast the index ⁠at 51,0. Sentiment sagged among consumers identifying as Democrats and ​Republicans, but was little changed among Independents.

"With a resurgence in fuel prices ​and trade tensions, consumers ‌anticipate greater pressures on their pocketbooks to come," said Joanne ⁠Hsu, the director of the Surveys of Consumers.

The survey's measure of consumer expectations for inflation ⁠over the next year jumped to 4.6% from ​4.0% last month. Twelve-month inflation expectations were at 3.4% in February before the U.S.-led war with ‌Iran started. Consumers' expectations for inflation over the next five years ‌edged up 3.4% from 3.3% in August. ⁠They are higher ‌than their ​2024 range of 2.8% to 3.2%.

(Reporting By Lucia Mutikani; Editing by Chizu ‌Nomiyama )

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