Retail sales surge on gas prices

While the headline growth figure exceeded analyst estimates, underlying spending in other categories remained relatively modest.

Excluding gas station sales, which surged 15.5%, overall retail sales rose by only 0.6%.

The data reflects the significant impact of the Iran war on American household budgets as consumers are forced to allocate more funds to basic transportation.

Economists warn that persistent high energy prices could eventually dampen consumer confidence and slow the broader economic recovery.