The University of Michigan’s preliminary October consumer sentiment index fell to 46.3 from 48.1, below the 47.6 forecast. Current conditions dropped sharply to 44.7 from 50.9, while the expectations index edged up to 47.3 from 46.3. One-year inflation expectations rose to 4.7% and five-year expectations to 3.5%, both the highest since May, as high prices and borrowing costs continued to weigh on consumers.