According to the University of Michigan Consumer Survey, the U.S. Consumer Confidence Index in April dropped to 47.6, a 10.7% decrease from March, hitting a record low. The survey shows that due to rising energy prices and the Iran conflict, consumer inflation expectations have significantly increased, with inflation expectations for the next year rising to 4.8%, up 1 percentage point from March; the 5-year inflation expectation rose to 3.4%.