U.S. consumer confidence plunged to an 11-year low in early February, reflecting heightened concerns among Americans about hotter-than-expected inflation and the skyrocketing price of everyday goods.
U.S. inflation rose 7.5 percent in January, the highest since February 1982. FOX Business Ed Lawrence with more.
The decline was entirely among households with incomes of $100,000 or more, with their sentiment index plunging by 16.1% in early February from the previous month. / AP Newsroom) The survey comes just one day after the Labor Department reported that the consumer price index rose 7.5% in January from a year ago, marking the fastest increase since February 1982, when inflation hit 7.6%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.6% in the one-month period from December.
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