US consumer sentiment falls in early March as Middle East war weighs

WASHINGTON, March 13 (Reuters) - ‌U.S. consumer ​sentiment ​ebbed in early March as war in the Middle East raised gasoline prices and households ‌worried about personal finances, a survey showed on ⁠Friday.

The University of Michigan's Surveys of Consumers said its Consumer ‌Sentiment Index fell to ‌55.5 this month from a final reading of 56.6 in February. Economists polled by Reuters had forecast ​the index falling to 55.0.

The survey was conducted between February 17 and March 9, with about ⁠half completed after the start of the U.S.-Israeli war with Iran. The ​conflict has boosted oil prices. Gasoline prices have soared more than 21% to $3.63 per ​gallon since the war started, ‌data from motorist advocacy group AAA showed.

"Interviews completed prior to the military action in ⁠Iran showed an improvement in sentiment from last month, but lower readings seen during the nine days thereafter completely ⁠erased those initial gains," said Joanne Hsu, the director of ​the Surveys of Consumers. "A broad swath of consumers across incomes, age, and political affiliation all reported declines in expectations for their ‌personal finances, down 7.5% nationally."

The survey's measure of consumer expectations for inflation over ‌the next year was unchanged at 3.4% this month. ⁠Consumers' expectations for inflation ‌over the next ​five years dipped to 3.2% from 3.3% last month.

(Reporting by Lucia Mutikani; Editing by Chizu ‌Nomiyama)

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