Retail sales up 0.5% in March despite soaring inflation

By ANNE D’INNOCENZIO
The Associated Press

NEW YORK (AP) — Americans kept spending in March even amid higher prices for food, gasoline and other basics, worsened by Russia’s escalating war with Ukraine. Retail sales increased 0.5% after registering a revised O.8% jump from January to February. 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. General merchandise stores saw business up 5.4%, while sales at clothing stores rose 2.6%. Online sales rose 6.4%. Restaurant sales rose 1%.