U.S., Oct. 11 -- A report released by the University of Michigan on Friday showed an unexpected deterioration by U.S. consumer sentiment in the month of October.
The University of Michigan said its consumer sentiment index fell to 68.9 in October after climbing to 70.1 in September. Economists had expected the index to inch up to 70.8.
The unexpected decrease by consumer sentiment may have reflected lingering inflation concerns, as year-ahead inflation expectations rose to 2.9 percent in October from 2.7 percent in September.
On the other hand, the report said long-run inflation expectations edged down to 3.0 percent in October from 3.1 percent in September.
"Sentiment is currently 8% stronger than a year ago and almost 40% above the tr...