Consumer companies fell as the rising price of gasoline took a toll on consumer sentiment.
The University of Michigan’s consumer sentiment index fell to 63 from 68.1 in the prior month.
According to the report, Americans’ expectations for overall inflation over the next year rose to 3.8% in October from 3.2% in the prior month, the highest level since April.
“Though inflation has declined, price levels, especially for food and gasoline, remain high ahead of the holidays, signaling further upside pressure in inflation expectations,” said strategists at brokerage BNP Paribas.
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