U.S. shoppers sharply boosted retail spending last month as inflation surged to a 40-year high and the Omicron wave of Covid-19 eased.
Sales at retail stores, online and restaurants rose by seasonally adjusted 3.8% in January from the prior month, the Commerce Department said Wednesday. That marked the strongest monthly gain since last March when pandemic-related stimulus was being distributed to households. The jump in retail spending last month also represented a rebound from December, when sales fell by a revised 2.5%.
