U.S. consumer sentiment declined slightly in October, nearing one of its lowest levels on record, as rising prices linked to the conflict in the Middle East weighed on household optimism about the economy. The University of Michigan’s Surveys of Consumers reported the Consumer Sentiment Index slipped to 48.0 from 48.1 in September, falling short of economists’ expectations, which had predicted a further drop to 46.3.

This reading represents the second-lowest level since the survey began, trailing only the 44.8 recorded in May following the outbreak of the Iran war. The sustained weakness in sentiment reflects growing concerns over affordability as the country approaches the midterm congressional elections, where economic issues are expected to figure prominently.

“Purchasing power continues to dominate consumer views of the economy,” said Joanne Hsu, director of the Surveys of Consumers. She added that sentiment is currently about 10 percent lower than a year ago and 15 percent below the levels seen in February before the conflict escalated in the Middle East.

The survey results highlight the continued impact of geopolitical tensions on U.S. consumer confidence, reinforcing worries that inflationary pressures could dampen economic growth and influence voter behavior in the months ahead.