U.S. retail sales rose 1 percent in June, largely due to higher prices for food and gas, led by inflation and not sales volumes, according to the Commerce Department on July 15.
The small increase in retail sales last month was not adjusted for inflation, with sales likely falling 0.2 percent when taking the 1.3 percent inflation rate into account. The report came after another release by the Labor Department on July 13 showing U.S. inflation up 9.1 percent in the 12 months ending in June. The update said that sales last month were 8.4 percent higher from the 12 months through the end of June, with sales for the second quarter rising by 8.1 percent over the second quarter of 2021….