Consumer sentiment stands near the lowest level numerically ever recorded in the 74-year history of the University of Michigan's monthly survey , just weeks before the U.S. midterm elections .

Shopper attitudes stayed near their lowest levels in October as inflation squeezed household budgets and a global fuel supply shortage kept gasoline prices elevated, according to fresh data released on Friday.

The final reading of the University of Michigan index registered at 48.0 in October, marking the second-lowest final reading ever recorded. The reading was 48.1 in September, not significantly higher than this month's reading.

The index hit a historic low of 44.8 in May, just months after the outbreak of the Iran war .

The latest reading came as global oil prices crossed $116 a barrel on Friday, hitting a six-month high.

The average price of a gallon of gas in the U.S.…