According to CoinMeta, in October, the U.S. Consumer Confidence Index declined slightly due to rising prices and interest rates, falling to its lowest level in five months. According to a survey report released on Friday, the final reading of the University of Michigan's Consumer Confidence Index dropped from 48.1 in September to 48. Nevertheless, this figure is still better than the preliminary reading and higher than economists' expectations. Consumers expect prices to rise by 4.7% in the coming year, up from the previous month's forecast of 4.6%, and they also believe that costs will increase at an average annual rate of 3.5% over the next five to ten years. Both figures represent the highest levels since May. The survey's head, Joanne Hsu, stated, "After inflation has been above the target level for five consecutive years, both short-term and long-term inflation expectations have risen in recent months, which exposes the risk that high inflation expectations may be deeply ingrained." He also said, "Consumers from all political backgrounds unanimously agree that inflation poses a greater risk to the economy in the coming year than unemployment."