A slowing economy and rising prices have consumers deeply worried about the future.

Consumer confidence is at a 16-year low, the New York-based Conference Board reported yesterday.

Its index of consumer expectations — the forward-looking part of the monthly survey — fell to its lowest level ever as consumers assess, among other things, what's ahead in prices at the pump and in the grocery store.

The Consumer Confidence Index for June fell to 50.4, its lowest since February 1992 and down from 58.1 in May. The number is based on a survey of 5,000 households completed last week.

"Consumers' assessment of present-day conditions continues to grow more negative, and suggests the economy remains stuck in low gear," says Lynn Franco, director of the Conference Board Consumer Research Center.

Inflation expectations held steady at 7.7, Franco says, but that's a historically high level. At the same time, the percentage of those expecting their incomes to increase fell to 12.3 percent from 14.1 percent.

"This is incredibly awful," Ian Shepherdson, chief U.S. economist at High Frequency Economics, said in a statement. "Even as some people spend their tax rebates ... the majority appears to be overwhelmed by the surge in gasoline and food prices, and the drop in stock and home prices."

Consumers are particularly worried about what's in store for the economy. "We're now nine months into a slowdown, and the fear is that it could go on for another nine months," says Ken Goldstein, economist for the Conference Board.

And higher prices are ahead. Dow Chemical said yesterday that it will raise prices on some products by as much as 25 percent in July. It raised prices by up to 20 percent in June.

Dow makes a broad array of basic materials that find their way into many consumer products.

And because of rising commodity prices, cereal maker Kellogg said yesterday it has reduced the box sizes of its Apple Jacks, Cocoa Krispies, Corn Pops, Froot Loops and Honey Smacks brands, while keeping prices the same — in effect, a price increase.

Even though food and energy prices are soaring, economists don't expect the Federal Reserve to increase its key interest rate when it concludes its two-day meeting today.