US consumer sentiment falls to 46.3 in October

US consumer sentiment fell in October as cost-of-living concerns increased, according to University of Michigan survey data released Friday.

The university's consumer sentiment index stood at 46.3 in October, down from 48.1 in September. The preliminary report said sentiment among lower-income consumers and people with smaller stock portfolios dropped more steeply.

Survey director Joanne Hsu said those groups have fewer resources to withstand price increases. She said frustration over the cost of living continued to mount and that consumers across the political spectrum believed the economy's trajectory had weakened since the start of the year.

The October reading was 13.6 percent below the same period last year.

Year-ahead inflation expectations rose to 4.7 percent in October from 4.6 percent in September, Hsu said. That was above the 3.4 percent reported in February, before US-Israel attacks targeting Iran and Tehran's blockage of the Strait of Hormuz sent energy costs higher.