Retail sales rise 0.6% in August as inflation on many items eases, but gas price hike boosts number
Shoppers stepped up their buying modestly as inflation on many items eased, but they still face a host of economic challenges over the next few months
By ANNE D'INNOCENZIO
Published - Sep 14, 2023, 08:54 AM ET
Last Updated - Sep 14, 2023, 08:54 AM EDT
NEW YORK (AP) — Americans stepped up retail spending modestly from July to August as the price of gasoline jumped, cutting into budgets as many families send their kids off to school.
Retail sales rose 0.6% in August, compared with a revised 0.5% increase in July, according to a report issued by the Commerce Department on Thursday.
The big rise in gas prices accounted for more than half of the inflation increase recorded in August, the U.S. reported Wednesday.
Excluding gas, retail sales were just up 0.2%, according to the report.
