Consumer confidence falls sharply in March (by Jeffry Bartash)

WASHINGTON (MarketWatch) - Consumer confidence experienced its biggest one-month drop in over a year, falling sharply in March owing to worries about rising prices and stagnant incomes, according to the latest survey by the nonprofit Conference Board. The board's index dropped to 63.4 last month from a revised 72.0 in February. Economists polled by MarketWatch expect the index to decline to 62.2 from February's initially reported level of 70.4. The rising prices of gas and food are among the biggest concerns of American consumers. Several other reports on the outlook of consumers have also shown sharp declines in March. Lynn Franco, an economist with the Conference Board, said the decline in consumer confidence "will likely impact spending decisions." Consumer spending accounts for about two-thirds of U.S. economic growth.