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Posted on: Tuesday, November 16, 2021 – 10:10 PM | Last update: Tuesday, November 16, 2021 – 10:10 PM
The total value of retail sales increased during the past month by 1.7%, which is the largest monthly increase in seven months, following an increase of 0.8% during last September, according to the revised data. Retail sales, excluding gasoline and automobile sales, increased by 1.4% during the past month, without placing Prices change in the account.
The rate of increase in retail sales during the past month exceeded the average expectations of analysts polled by Bloomberg News, and was 1.4%.
This comes as US consumer price inflation over the past month hit its highest level in nearly 30 years, with companies passing the increase in production costs as a result of higher energy and raw materials prices to consumers.
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