US consumer sentiment perks up in July

WASHINGTON, July 31 (Reuters) - ‌U.S. consumer ​sentiment ​improved in July, though concerns about the higher cost of living lingered, ‌a survey showed on Friday.

The University of Michigan's ⁠Surveys of Consumers said on Friday its Consumer ‌Sentiment Index increased to a ‌final reading of 55.2 from 54.4 earlier this month. The index was at 49.5 ​in June. Economists polled by Reuters had forecast the index dipping to a final ⁠reading of 54.0.

The survey was conducted between June 23 to July ​27. The improvement was despite average gasoline prices rising back above $4 a gallon ​amid renewed hostilities in the ‌Middle East.

"Broad-based improvements were seen across all groups by income, education, wealth, ⁠age, and political party," said Joanne Hsu, the director of the Surveys of Consumers. "Consumers remain focused ⁠on pocketbook issues like purchasing power, while political or military ​developments remain more in the background."

The survey's measure of consumer expectations for inflation over the next year dropped ‌to a still-high 4.2% from 4.6% in June. Consumers' expectations for inflation ‌over the next five years held steady ⁠at 3.3%. Government data ‌this month showed ​a moderation in consumer inflation in June.

(Reporting By Lucia Mutikani; Editing by Chizu ‌Nomiyama)

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