Boosted by soaring gasoline prices, U.S. retail sales saw significant growth in March

Golden Ten Data reported on April 21 that, thanks to a significant increase in gas station revenues and stronger-than-expected growth in other spending categories, U.S. retail sales saw a substantial rise in March. According to a report released by the U.S. Department of Commerce on Tuesday, total retail sales increased by 1.7% compared to the previous month. It should be noted that these figures do not account for inflation. The sales growth in March was mainly driven by the sharp rise in gasoline consumption, as the Iran war pushed fuel prices to their highest levels since 2022. Excluding gasoline, retail sales grew by 0.6%.