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Wholesale inflation unexpectedly accelerates to highest level since September

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Spending at US retailers rebounded in Feb, but consumers may be growing more cautious as they continue to face high interest rates & steeper prices for everyday goods.  Retail sales, a measure of how much consumers spent on a number of everyday goods including cars, food & gasoline, climbed 0.6% in Feb, the Commerce Dept said.  That is lower than both the 0.8% increase forecast & the revised 1.1% decline recorded in Jan.  Excluding the more volatile measurements of gasoline & autos, sales rose just 0.3% last month.  "Not a strong showing given a bigger rebound was expected from January," said Robert Frick, corp economist with Navy Federal Credit Union.  "Consumers have the money, as inflation-adjusted incomes have been rising, so the question is, have consumers grown cautious? It’s too soon to say, but with inflation stuck for now above 3% and the jobs market growing tighter, that’s a possibility."  The Feb advance is not adjusted for inflation, meaning that consumers may be spending the same but getting less bang for their buck.  Spending rose mostly across the board, with notable increases in sales at electronics & appliance stores, restaurants & bars, motor vehicle & parts dealers & gas stations, as prices at the pump soared.  But Americans pulled back their spending on furniture & home stores, health & personal care stores, clothing retailers & online shopping, with spending at non-store retailers sliding 0.8% from the previous month.  Sales rose in 8 of 13 retail categories last month.

Retail sales rebounded in February, but consumers may be growing more cautious

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