WASHINGTON, D.C.: U.S. consumer confidence remained close to its weakest level on record in October as rising prices continued to squeeze household purchasing power and inflation expectations edged higher, according to a survey.

The University of Michigan's Consumer Sentiment Index came in at 48.0, the second-lowest reading on record after 44.8 in May, shortly after the Iran war began.

The October reading was little changed from September's final 48.1 but was higher than the preliminary October reading of 46.3. Economists polled by Reuters had expected 46.3.

"Purchasing power continues to dominate consumer views of the economy," said Joanne Hsu, the director of the Surveys of Consumers. "Sentiment is now 10 percent below a year ago and 15 percent less than February, just prior to the Iran conflict."

The findings come ahead of the November 3 midterm congressional elections, where affordability and the economy are major issues.

Sentiment weakened particularly sharply among respondents identifying as independents, whose score fell to 42.4 from 47.7 in September. That was just above their record-low reading of 40.6 in May. Sentiment among Democrats and Republicans improved.

The survey also showed more consumers citing high prices as a drag on their personal finances. Since January, the number of independents citing inflation pressures as hurting their financial situation has risen 27 percent, while the figure among Republicans has increased 52 percent and among Democrats 15 percent.

Inflation expectations also remained elevated. Consumers expect prices to rise 4.7 percent over the next year, up from 4.6 percent in September and 3.4 percent in February.

Five-year inflation expectations increased to 3.5 percent from 3.4 percent in September and 3.2 percent in March.

Hsu said persistently elevated expectations threatened the Federal Reserve's efforts to return inflation to its two percent target.

"Consumers broadly expect inflation to accelerate, and this year's increases in inflation expectations are not limited to one part of the political spectrum," Hsu wrote. "The fact that aggregate consumer spending has been relatively resilient despite negative views of the economy provides another reason for caution. If part of consumption currently reflects precautionary spending to avoid future price hikes, disinflation may be even more difficult to achieve."

Federal Reserve officials meet next week and are broadly expected to leave interest rates unchanged at 3.75 percent to 4.00 percent after raising them by a quarter percentage point in September.