Consumer sentiment dropped about 6% from last month, landing around 11% below a year ago amid continued worries that inflation will remain elevated for the foreseeable future, according to the University of Michigan Surveys of Consumers.

Sentiment declines in August were seen for all political groups and were particularly acute among Republicans. Groups who are typically less-equipped to absorb increases in cost of living also exhibited stronger declines in sentiment, including older consumers, lower- and middle-income consumers and those without a college degree.

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