U.S. consumer sentiment ticks up in December

WASHINGTON, Dec. 9 (Xinhua) -- U.S. consumer sentiment climbed to a preliminary reading of 59.1 in December, a jump from the prior month's 56.8, according to the widely-watched University of Michigan monthly survey.

That's higher than the number forecast by a Wall Street Journal survey of economists, which predicted the number would be 56.5.

The higher-than-expected reading came after expectations of inflation dropped to 4.6 percent from 4.9 percent last month.

That's the lowest since the last quarter of 2021.

Some economists surmise that gasoline prices, which have decreased from record highs, are a cause for the uptick in consumer sentiment.

At the same time, consumers have expressed concern over the worst inflation in four decades, and the index is not much higher than record lows seen six months ago.

The inflationary surge has prompted the U.S. Federal Reserve to embark on its most aggressive rate hike cycle in four decades, raising interest rates half a dozen times since March.