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.
— which measures inflation before it hits consumers — accelerated in August, largely because of higher gas prices, according to a report issued by the Labor Department. That’s a sign that inflation remains stubbornly persistent despite a series of sharp interest rate hikes by the Federal Reserve.
The national average price for a gallon of unleaded gasoline last week reached $3.86 as of Thursday, 5 cents more than the week prior, AAA said. Excluding gas sales, retail sales were just up 0.2% for August, according to the Commerce Department report. Sales at gas stations rose a robust 5.2%, while furniture and home furnishings stores saw a 1% drop in sales. Clothing and accessories stores had a 0.9% gain, likely helped by back-to-school spending. Restaurants saw a 0.3% increase. Grocery stores had a 0.4% sales increase. Online sales were unchanged in August, perhaps hurt by robust spending during the Amazon Prime day sales event in July.
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