US consumer confidence sinks to lowest since 2014

US consumer confidence plunged sharply in September to a level not seen since 2014, according to a key benchmark published on Tuesday, with US households battered by a high cost of living and economic uncertainty from the Iran war. The Conference Board's consumer confidence index fell by 6.7 points to 81.9 this month, its lowest level since April 2014. The high cost of living in the United States is a major issue as the country heads into key midterm elections in November, where Democrats are seeking to wrest control of Congress from US President Donald Trump's Republican Party. "Consumers' write-in responses regarding factors affecting the economy were mostly pessimistic in September," said Dana Peterson, chief economist at the Conference Board. "References to prices, the high cost of goods and services, and oil and gas prices in particular, rose to new heights, reflecting September's surge in fuel costs." Global oil prices have sky-rocketed since Trump and US ally Israel launched the war against Iran in late February, with Tehran's retaliatory action targeting Washington's allies in the Gulf and virtually shutting a key energy trading route. In the United States, the average price of a gallon of regular petrol is up almost 50 percent since the start of...