U.S. retail sales unexpectedly rose in March as consumers had to dig deep to cover record high gasoline costs, according to a government report on Monday that did little to dispel the gloom hanging over the economy.
Retail sales rose 0.2 percent in March, pushed up by a jump in gasoline sales, a Commerce Department report showed. Analysts polled by Reuters were expecting retail sales to be unchanged from the previous month.
Sales at gasoline stations rose 1.1 percent. Gasoline prices hit records in March and have continued to rise since then, according to government data.
Excluding gasoline sales, retail sales were flat last month. In another sign of rising prices for commodities pressed by strong global demand, sales at food and beverage stores also rose. Retail sales data are not inflation-adjusted.
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