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According to data from the University of Michigan, the final consumer confidence index in the United States fell to 44.8 in May, hitting a historic low. Consumers expect an annualized price growth rate of 3.9% over the next five to ten years, higher than April's 3.5% and reaching a seven month high, and anticipate a price increase of 4.8% over the next year. Gasoline prices are approaching their highest level since 2022, exacerbating concerns about the cost of living. According to survey leader Joanne Hsu, 57% of respondents believe that high prices are eroding their financial situation, up from 50% last month. Consumers are concerned that inflation may spread and persist in the long term.