U.S. consumer confidence inched higher in March despite soaring energy prices brought on by the war in Iran.
The Conference Board said Tuesday that its consumer confidence index rose modestly to 91.8 in March from 91 in February.
The board said that while rising costs due to tariffs and spiking oil prices induced by the conflict in the Middle East did not affect the topline confidence reading, there was increasing pessimism in other measures of the survey, including expectations of higher inflation.
Respondents’ comments about oil, gas and the war spiked and consumers’ 12-month inflation expectations surged to levels last seen in August 2025 when anxiety over tariffs peaked.
U.S. gas prices jumped past an average of $4 a gallon for the first time since 2022 on Tuesday as the war caused fuel prices to soar worldwide.
