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Inflationary Concerns Drag US Consumer Confidence in February

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A pink cashbox on a white table

Consumer confidence in the United States fell for the second straight month in February, as inflationary concerns rose again during the month.

Source: The Conference Board

The Consumer Confidence Index stood at 110.5 in February, down from 111.1 in January. The decline was attributed to concerns about inflation, with consumers not expecting an acceleration of economic growth in the near future.

The Present Situation Index grew to 145.1 from 144.5 in January, marking an improvement in the assessment of the prevailing business and labor conditions for the month.

The Expectations Index fell to 87.5 from 88.8, as growth prospects declined further indicating a possible growth moderation in the first semester of the year. The proportion of consumers planning major acquisitions also declined.

The Conference Board Senior Director of Economic Indicators Lynn Franco believes consumer confidence and spending are likely to continue facing difficulties in the short term due to the continued increase in prices.

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