Rising gas prices drove up US consumer spending in April even as overall consumption slowed, AFP reports citing official data.
Retail sales totaled $757.1 billion in the United States in April, up 0.5 per cent from the previous month and 4.9pc year-on-year.
That represents a sharp slowdown from March, when spending rose 1.6pc compared to February numbers. The data is nevertheless in line with market expectations.
The broad index of retail and food sales includes in-store purchases, dining out, gas purchases and more. It is not adjusted for inflation, which accelerated sharply over the period. This implies that, while Americans spent more, they did not necessarily purchase more goods and services by volume.
US consumers are facing soaring prices at the pump due to the repercussions of the war in the Middle East. Their spending at gas stations increased by nearly 21pc compared to last year, the data shows.
