Retail sales rose modestly in March, but higher prices for food, gasoline and other basics took a big share of consumers' wallets.
Retail sales increased 0.5% after registering a revised 0.8% increase from January to February, reported the U.S. Commerce Department Thursday. Spending has been fueled by wage gains, solid hiring and more money in banking accounts. January’s increase of 4.9% was the biggest jump in spending since March 2021, when American households received a final federal stimulus check of $1,400.
The retail report covers only about a third of overall consumer spending and doesn’t include services such as haircuts, hotel stays and plane tickets, areas that have been rebounding from the depths of the pandemic. The March inflation numbers were the first to fully capture the surge in gasoline prices that followed Russia’s invasion of Ukraine on Feb. 24. Moscow’s attacks have triggered far-reaching Western sanctions against the Russian economy.
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