Consumer confidence in the United States increased in February, but people anticipated greater inflation to continue over the following 12 months, a study released on Friday revealed.
The preliminary February score for the University of Michigan’s overall consumer sentiment index was 66.4, up from 64.9 in the preceding month. Reuters polled economists, who predicted an initial reading of 65.0.
One-year inflation expectations as measured by the survey jumped from 3.9% in January to 4.2% this month.
For the third consecutive month, its five-year inflation outlook remained constant at 2.9% and has spent the previous 18 months fluctuating within a small 2.9-3.1% range.
