US consumer confidence hits its lowest level since 2014 ahead of midterms

US consumer confidence has fallen to its lowest point since 2014, according to a report from The Conference Board released on Tuesday. Consumers cited rising costs for goods and fuel as the primary reasons for this significant decline. The average price for a gallon of gasoline has increased substantially in the past month, contributing to consumer concerns. This drop in confidence occurs just over a month before the midterm elections and ahead of a key inflation report that the Federal Reserve uses to assess inflation. The Federal Reserve recently raised interest rates for the first time in three years, which increases borrowing costs.

US consumer confidence has fallen to a 12-year low in September, according to The Conference Board. The consumer confidence index dropped to 81.9, down from 88.6 in August, marking the lowest point since April 2014. This decline is attributed to persistently high prices and stagnant wages. Views on the present economic situation also worsened, with respondents' assessment falling by 7.9 points to 109.3. The article notes this downturn occurs amid the ongoing Iran war.