Retail sales were flat in September as inflation takes a toll on American households.
NEW YORK — The pace of sales at U.S. retailers was unchanged in September from August as rising prices for rent and food chipped away at money available for other things.
While the report showed the resilience of the American consumer, the figures are not adjusted for inflation unlike many other government reports. In fact, sales at grocery stores rose 0.4%, helped by rising prices in food. “Sales are continuing to grow, but it’s being largely driven by pricing, not by people buying more things,” said Ken Fenyo of Coresight Research, a global firm specializing in retail and technology. “For the consumer, it’s a pretty rocky situation.”
Consumer prices, excluding volatile food and energy costs, jumped 6.6% in September from a year ago — the fastest such pace in four decades. And on a month-to-month basis, core prices surged 0.6% for a second straight time, defying expectations for a slowdown and signaling that the Fed’s multiple rate hikes have yet to ease inflation pressures. Core prices typically provide a better picture of underlying price trends.
Walmart and Target are among others that are pushing deals earlier while others are offering new financing for customers.
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