RETAIL sales in the United States soared past expectations in March, government data showed Tuesday, as gasoline prices surged on fallout from war in the Middle East. Sales rose by 1.7 per cent from the prior month to $752.1 billion, rising more than analysts expected with its biggest jump in a year, Commerce Department data showed.
From a year ago, retail sales bounced 4.0 per cent. The acceleration came on the back of a 15.5 per cent month-on-month increase in gasoline station sales, as energy costs climbed in March. US-Israeli strikes targeting Iran from 28 February had triggered Tehran’s retaliation in virtually blocking the Strait of Hormuz, a key waterway for energy transit. Since then, oil and gas prices have surged, and gasoline costs have risen in the world’s biggest economy as well.
Steeper costs — which have added pressure on households and businesses — have in turn fuelled fears of a broader inflation uptick, and an impact on consumer demand and growth. Excluding gasoline stations, overall retail sales were up by just 0.6 per cent on a month-on-month basis.
AFP
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