US retail sales surge 3.8% in January, much more than expected amid inflation rise

From cnbc.com

Consumer spending bounced back sharply in January as rising inflation and a post-holiday surge kept cash registers ringing, the Commerce Department reported Wednesday. Retail sales for the month rose 3.8%, much better than the 2.1% Dow Jones estimate. The numbers are not adjusted for inflation, so the 7.5% rise in the consumer price index for the month helped push a reversal from the 2.5% decline in December, which was revised lower from the initially reported 1.9% drop. Excluding auto sales, the retail gain was 3.3%, after falling 2.8% in the previous month. Online shopping contributed the most on a percentage ... (full story)