U.S. consumer sentiment unexpectedly declined to a five-month low in early July as mounting concerns over rising prices led to a sharp deterioration in buying conditions for big-ticket items. The University of Michigan’s preliminary sentiment index decreased to 80.8 in July from 85.5 the prior month, data released Friday showed. The figure was lower than all estimates in a Bloomberg survey which had a median projection of 86.5. Consumers expect inflation to rise 4.8% over the next year, the highest since August 2008. At the same time, they were more sanguine about longer-term prospects for prices. The expected ... (full story)