Retail sales grew for the seventh straight month in April despite rising gas prices and persistent inflation, according to the CNBC/NRF Retail Monitor released today by the National Retail Federation.
Total retail sales, excluding automobile dealers and gasoline stations, rose 0.34 percent month over month on a seasonally adjusted basis and 5.73 percent year over year unadjusted. Core retail sales, which also exclude restaurants, matched the monthly gain at 0.34 percent and were up 5.53 percent year over year.
“Retail sales continued to grow in April despite higher gas prices driven by the ongoing conflict in Iran, cautious consumer sentiment and the persistent concerns about sustained inflation,” said NRF President and CEO Matthew Shay. “Spending on household priorities remains solid, supported by a steady labor market, wage growth and a significant influx of cash from tax refunds.”
Grocery sales up
Grocery and beverage stores posted gains of 0.36 percent month over month and 3.21 percent year over year. While positive, grocery’s year-over-year growth trailed most other retail categories.
Clothing stores led all categories with a 9.75 percent year-over-year increase, followed by sporting goods stores at 8.55 percent and health and personal care stores at 8.42 percent. Building and garden supply stores were the only category to decline year over year, falling 2.74 percent.
Year-to-date performance
Total sales were up 6.07 percent year over year through the first four months of the year, with core sales up 5.99 percent. April’s monthly and yearly gains slowed slightly from March, which posted increases of 0.4 percent month over month and 6.59 percent year over year.
The Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions rather than survey-based data, and does not require monthly or annual revisions.
NRF is a Washington, D.C.-based trade association representing the retail industry.