According to the latest consumer survey released this Friday by the University of Michigan, the consumer confidence index fell to 48.2. not from the-lowest levels for 74 years, mainly influenced by the increased energy prices in the prolonged war in Iran.

In this regard, Joanne Hsu, director of the survey, noted that 30% of those surveyed mentioned gasoline prices as one of the main factors of distrust in the current economy, while others indicated high tariffs.

“Consumers continue to feel affected by the pressure of the prices of food and goods, but mainly by the rapid increase in prices at gas stations,” the economist said.

The conflict in the Middle East started on 28 February; since with the closure of the Strait of Hormuz, through which it transits close of 20% of world crude, oil prices have increased to more than $100 per barrel and gasoline prices up to $4.50 per gallon.

On the other hand, the “Current” economic conditions indicator also showed in the University of Michigan report a 9% drop from early May to the 47th .8 points. This is due to concerns about the personal finances of American consumers; currently, high prices have left them with the inability to save.

Many economists consider that it will be impossible to recover consumer confidence if prices continue to rise. “It is unlikely that events in the East will "gave a significant boost to confidence until supply disruptions have been completely resolved and energy prices lower," highlighted Hsu.