Consumer confidence in the United States dropped for the third consecutive month in October.
The consumer confidence index slipped to 102.6 points, down from 104.3 points in September, according to the Conference Board, a global non-profit think tank and business membership organisation.
Consumers are most concerned about the general increase in prices, specifically for food and gas, Dana Peterson, chief economist at the Conference Board, said in a statement. They are also voicing concern about the political situation and rising interest rates, she added.
The index indicating current conditions experienced the most significant drop, plunging from 146.2 points in September to 143.1 points in October.
Peterson explained that this decrease was due to a less optimistic view of the business climate. Regarding employment, more consumers believe there are many more jobs compared to September, she noted.
The anticipatory index also declined, but less drastically, dropping to 75.6 points compared to 76.4 last month.
The primary fears are seeing interest rates continue to climb in the coming months and that inflation may remain higher for longer.
The Federal Reserve (Fed) started meeting on Tuesday morning to decide whether to raise its interest rates once again: they currently stand between 5.2 and 5.5%.
However, the vast majority of analysts are predicting another pause, which would be the third in the last four Fed meetings, even though inflation now exceeds 2%.
