Retailer sales increased significantly more than anticipated in January as consumers persisted despite escalating inflationary pressures.
According to the report, which is not adjusted for inflation, sales increased 2.3% when vehicles are excluded. The 0.9% gain was predicted by the ex-autos forecast.
The 7.2% increase in food services and drinking establishments led all major categories.
Dealers in automobiles and auto parts experienced a gain of 5.9%, while retailers of furniture and home decor had an increase of 4.4%.
Gas prices rose by 2.4%, but service station receipts remained unchanged. While electronics and appliance businesses had a 3.5% increase,
online merchants reported a 1.3% gain. After a month of sales decline of 1.1% in December, no categories experienced a decline.
Retail sales rose 6.4% on a yearly basis, perfectly matching the change in the consumer price index that was announced on Tuesday.
Following the announcement, markets declined, with major indices moving marginally lower in early trading.