Consumer sentiment has fallen to the lowest it has ever been amid a renewed wave of inflation resulting from spiking energy prices.

Consumer sentiment fell to 44.8, down from 49.8 in April, according to a preliminary reading of the University of Michigan Consumer Sentiment Index for May — dropping lower than it did during the worst of the Great Recession and when the entire country was locked down during the COVID-19 pandemic.

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Consumer sentiment hits highest level in months in sign deep gloom is receding

Inflation came in at hot 2.8% in Fed’s preferred gauge in February, before oil spike