The University of Michigan Consumer Sentiment Index fell to 48.0 in its latest reading released on Friday, the second-lowest on record, only above the all-time low of 44.8 set in May of this year. Economic concerns among independent voters were the primary driver of the decline in confidence, with the sentiment index for this group falling to 42.4, near its historical low. Consumers' expectations for inflation over the next five years rose to 3.5% from 3.4% in September, while inflation rose 3.7% year-over-year last week.