Consumer sentiment fell again in September and is now at the level it was during the outset of the 2008 financial crisis, a remarkable dynamic driven by inflation.

Consumer sentiment fell to 55.1, down from 58.2 in August and below economists’ expectations, according to the latest reading of the University of Michigan Consumer Sentiment Index for September. Consumer sentiment is now down 21.6% from a year ago. September marked the lowest such reading since May. Sentiment was even lower in April and May of this year than it is now.

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