Retail sales up just 0.3 percent in February as costs soar

Retail sales went up by just 0.3 percent in February as costs soared from inflation around the country.

The Commerce Department found retail sales were up by 0.3 percent in February after a huge jump in January, The Associated Press reported.

In January, the biggest jump since March 2021 occurred in retail sales, at 4.9 percent. 

The slow in buying is coupled with increased prices for gas, food and other essentials as inflation has gone up 7.9 percent over the past year, according to the Labor Department. 

The National Retail Federation predicts retail sales will increase by 6 percent to 8 percent in 2022, a slow down from growth of 14 percent in 2021, according to the AP. 

Restaurant sales went up by 2.5 percent in February, but other areas saw a drop, according to the Commerce Department.

General merchandise store sales were down 0.2 percent, online sales sank 3.7 percent, furniture stores saw a 1 percent drop and electronic and appliance stores fell 0.6 percent. 

It is unknown when inflation will go down and spending will increase as crude and natural gas costs have already risen about 30 percent this year, the AP noted.