The index of consumer sentiment survey compiled by the University of Michigan showed sentiment rose just slightly in late October, according to a report released Friday. This means that during a time of supply chain issues and high inflation, the moods of U.S. consumers are still dim.

The last read of the index of consumer sentiment was 71.7 in October, up 0.3 points from the preliminary reading mid-month, but less than the 72.8 reading in September. That index is up from the number expected by economists polled by The Wall Street Journal, which was 71.2.

In August, the readings were the lowest since December 2011, reaching a 10-year low of 70.3. The numbers reported in this month’s index are still well below the 101.0 recorded in February 2020, the very beginning of the pandemic.

"The positive impact of higher income expectations and the receding coronavirus has been offset by higher rates of inflation and falling confidence in government economic policies," said Richard Curtin, the survey's chief economist.

He continued, “Consumers not only anticipated the highest year-ahead inflation rate since 2008 in the October survey, consumers also expressed greater uncertainty about the year-ahead inflation rate than any time in nearly 40 years. Note that this was the first major spike in inflation uncertainty recorded outside of a recession.”

Curtin also said consumers anticipate the highest year-ahead inflation since 2008 at 4.8%. In October, the 5-Year Breakeven Inflation Rate was 2.99%, according to the Federal Reserve.