US consumer confidence drops as food and petrol prices spike

Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleUS consumer confidence has dropped (PA Archive)US consumer confidence saw a decline in July, with The Conference Board's index falling to 90.8 from 92.2 in June. This decrease is primarily linked to a renewed rise in petrol prices and heightened consumer concerns regarding food and grocery costs. The average price for a gallon of petrol in the US climbed to $4.10, reversing earlier improvements, due to escalating conflict in the Middle East. The surge in petrol prices was specifically attributed to Iran's closure of the Strait of Hormuz following attacks by the US and Israel, impacting global oil supplies. Consumers' views on current business and labour market conditions also deteriorated for the third consecutive month, with future surveys expected to show increased worries about war and geopolitics. In fullAmericans’ confidence in the economy falls as worries over food and grocery prices growMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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