Iran War Gas Shock Drives March Retail Sales Up 1.7 Percent
US retail sales rose 1.7 percent in March from February as higher gas prices tied to the Iran war drove the increase. PBS News reported the sharp monthly gain reflected higher pump prices linked to the conflict, which pushed more dollars into gas sales even if volumes did not rise as much.
That pattern means headline retail sales can jump without broad consumer strength, because fuel price moves increase spending totals even when people buy the same amount of gasoline. Economists will likely look at core retail measures excluding auto and fuel to judge underlying demand and the persistence of any inflationary pressures.
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đ Key Facts
- Retail sales rose 1.7 percent in March from February, versus 0.6 percent when excluding gas stations.
- Gas station sales surged 15.5 percent as the Iran war pushed the national average gas price to about $4.02 per gallon, roughly $1 above prewar levels.
- Consumer prices climbed 3.3 percent year over year and 0.9 percent month over month in March, the sharpest monthly increase in nearly four years.
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