**[U.S. Consumer Confidence Declines for the First Time in Three Months Amid Rising Inflation Concerns]** BlockBeats News, August 14 — U.S. consumer confidence fell for the first time in three months as households expressed concerns over worsening business conditions and rising inflation. According to survey data released by the University of Michigan on Friday, the preliminary consumer confidence index for August dropped to 51, down from the final reading of 55.2 in July. Economists had expected a median value of 55. Consumers anticipate prices will rise by 4.3% over the next year, a slight increase from last month and significantly higher than levels seen before the February Iran conflict. They also expect prices to increase at an annual rate of 3.3% over the next 5 to 10 years. After two consecutive months of improvement, consumer confidence in both short-term and long-term economic prospects has deteriorated. Since the beginning of the year, consumer expectations for the labor market have remained relatively unchanged. The survey indicates that consumers are increasingly worried about inflation, while concerns about unemployment have decreased. The responses for this survey were collected between July 28 and August 10. During this period, the average nationwide gasoline price in the U.S. remained above $4 per gallon. Another report released on Friday showed that U.S. retail sales in July experienced the largest decline in over a year, as consumers reduced purchases of automobiles and online goods. (Jin10)