Americans’ confidence in the economy fell this month as gas prices resumed their climb after the U.S. and Iran stepped up their fighting. The Conference Board said its consumer confidence index fell to 90.8 in July from 92.2 in June.

Gas Prices Rise

Consumer attitudes had improved modestly in June as gas prices came down to around $3.70 a gallon from more than $4.50 a gallon in late April and early May. But as fighting in the Middle East escalated, the average price for a gallon of gas in the U.S. started to rise again. On Tuesday it was $4.10, according to the auto club AAA.

Americans remain soured on the economy after five years of elevated inflation, potentially posing a risk to President Donald Trump and Republicans in the midterm elections, which are now less than 100 days away. Trump continues to blame inflation on his predecessor, Democrat Joe Biden.

Inflation Concerns

Inflation has risen since Trump’s inauguration last year, to 3.5% from 3% in January 2025. It jumped even further after the Iran war began Feb. 28, when it was just 2.4%. Government data shows that buying food to bring home has gotten 33% more expensive since the beginning of 2019.

References to jobs and unemployment picked up slightly this month and views of the current job market fell. Expectations of how the labor market will be six months going forward improved slightly, but remained in negative territory.

Original reporting: KTBS 3 (Shreveport) — read the source article.