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Michigan consumer sentiment index hits 8-month high as inflation worries ease

Published 2023-01-13, 10:25 a/m
© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. consumer sentiment hit its brightest note in eight months at the start of the year as falling energy prices eased fears about inflation, according to a closely watched survey released on Friday.

The University of Michigan's consumer sentiment index rose to 64.6 in January, its highest since May, from 59.7 in December, with assessments of both current and future conditions improving sharply on the month. 

The change in tone was in part due to perceptions that inflation is easing - if only in the near term. The 12-month expectation for inflation fell to 4.0% from 4.4% a month earlier, but respondents were more concerned about the longer-term outlook: their average expectation for inflation over the next five years actually rose 0.1% to 3.0% from 2.9%, clearly above the Federal Reserve's 2% target.

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