U.S. consumer sentiment improves further in August; near-term inflation expectations fall

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People shop in a supermarket as inflation affected consumer prices in Manhattan, New York City

WASHINGTON – U.S. consumer sentiment improved further in August and households’ near-term inflation expectations fell to an eight-month low amid declining gasoline prices, a survey released on Friday showed.

The University of Michigan’s final August reading on the overall index on consumer sentiment came in at 58.2, up from 55.1 earlier this month and 51.5 in July.

The survey’s one-year inflation expectations fell to an eight-month low of 4.8% from 5.2% in July, while the survey’s five-year inflation outlook was unchanged at 2.9%, holding within the range that has prevailed for the past year.

(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)

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