April 10 (UPI) -- Consumer sentiment has dropped to its lowest level on record thanks to price increases from the war with Iran, a survey released Friday indicates.
The latest survey released Friday from the University of Michigan showed that sentiment declined 11% this month to 47.6%, which is the lowest since World War II. That includes the Great Recession, the COVID-19 pandemic and the inflation spike that happened after it.
"Open-ended comments show that many consumers blame the Iran conflict for unfavorable changes to the economy," Surveys of Consumers Director Joanne Hsu said in a release.
"Demographic groups across age, income and political party all posted setbacks in sentiment, as did every component of the index, reflecting the widespread nature of this month's fall," she added.
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