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%...
Production interruptions and parts shortages continue to keep vehicle prices well above automakers’ suggested retail prices last month.The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months earlier, the sharpest year-over-year increase since 1981. Prices have been pushed up by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by the war. From February to March, inflation rose 1.
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. Matt Shay, CEO of National Retail Federation, the nation’s largest retail trade group, said that “consumers are adapting and shopping smarter for themselves and their families.” He believes the strength of the consumer can carry the economy through this economic uncertainty if policy makers implement measured policies and “don’t overreact to current conditions.”
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