Preliminary data released by the University of Michigan on Friday showed that the consumer sentiment index fell to 46.3 in October, the lowest since May, and below market expectations of 47.6. Among them, the sub-index reflecting current economic conditions plummeted from 50.9 in September to 44.7, the lowest on record. Consumers' expectations for inflation over the next year rose from 4.6% in September to 4.7%, and 5-10 year inflation expectations also increased from 3.4% to 3.5%. The survey showed that only about 31% of consumers expect consumption to remain at normal levels over the next year, and more than half of respondents said they would cut spending on household goods, cars, dining out, and vacations. High gasoline prices, rising borrowing costs, and slowing job growth are the main drivers of the continued deterioration in confidence. The data covers responses received between September 22 and October 5.