US retail sales growth slowed to 0.3% in February

According to the US Department of Commerce, retail sales in February increased by 0.3% compared to January. Analysts on average predicted an increase of 0.4%.

Sales soared 4.9% in January, up from the previously announced 3.8%, according to revised data. On an annualized basis, total retail sales jumped 17.6% in February after increasing 13% in the previous month.

Analysts note that the slowdown in sales growth last month is due to high inflation, which limits the purchasing power of the population.

At the same time, the strongest increase in sales (by 5.3%) was recorded at filling stations against the backdrop of an increase in gasoline prices by almost 7%.

Retail sales excluding auto increased 0.2% after jumping by a revised 4.4% in January. At the same time, the figure excluding cars and fuel decreased by 0.4% (a month earlier it jumped by 3.8%).

Retail sales account for about half of all consumer spending, which in turn provides 70% of the country's GDP.