Little changed As a result, gasoline prices fell and car sales fell

Retail inactivity It was stable in July The decline in gas station sales was hampered by high fuel prices, and so more people turned to online shopping. Census Bureau reported Wednesday.

While Advance Retail sales remained stable. Total revenue, excluding automobiles, rose 0.4%. Economists All data analyzed by Dow Jones We were looking for a 0.1% increase in turnover and a flat total excluding autos. June gain From 1%, it was reduced to 0.8%

Retail food The month ended with gasoline and automobile sales up 0.7% over the previous month.

These figures have been seasonally adjusted, but they are not adjusted for inflation. They were also taken during a flat month for the consumer price indicator.

Gas station revenue fell 1.8% as fuel prices fell below record lows. Auto sales The number of vehicle dealerships and parts also fell sharply, down 1.6%

Gas in many places had prices above $5 a gallon in the summer. But they fell. July AAA reports they were at 3.94 per gallon last year for regular unleaded.

“People seem to have used some of the savings from lower petrol prices to spend more on other things, both in nominal terms and – very likely – in real terms,” ​​writes Ian Shepherdson Chief Economist Pantheon Macroeconomics. “Auto sales have been severely constrained by the chip shortage, so pent-up demand is likely significant. Other July losers are department stores and clothing retailers, but all of those components are noisy and subject to revision.

Declines in gasoline and auto sales were offset by a 2.7% increase in online sales and a 1.5% increase in miscellaneous stores.

Consumers In an inflationary environment that has seen prices rise 8.5% over the past year, almost the highest level in 40 years, they have had to struggle to keep up. Prices Rising energy and food prices are particularly harmful. July Gasoline station revenues increased 39.9% over the past year due to lower energy prices.

July Inflationary pressures were mitigated by lower fuel prices. That consumers were able to spend more elsewhere.

Despite food The food price index measures sales growth at 0.2%. The Bureau This It is Labor Statistics The month’s increase was 1.1% Sales Unfortunately, growth in bars and restaurants was only 0.1%.

Some retailers Despite their successes, they still struggle in today’s world.

Target Wednesday The company’s profit fell Close The company had to cut prices on unnecessary inventory, which led to a 90% increase in sales.

The Federal Reserve to inflation must be controlled The Federal Reserve has used interest rate hikes. The consecutive The central bank made increases of 0.75 percentage points in June-July Expectations There is a good chance that inflation will reach 3.0%. The Fed’s 2% target.