Higher prices caused consumers to curb spending

Michael Ciaglo | Getty Images

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Retail sales dropped 1.9% in December as higher prices caused consumers to curb spending
  • Weak online sales were responsible for much of the slide along with a fall in spending at bars and restaurants.
  • Online spending took the biggest hit as a share of overall spending, with non-store retailers reporting a plunge of 8.7% for the month.
  • Furniture and home furnishing sales declined 5.5% and sporting goods, music and book stores saw a 4.3% drop.
  • Restaurants and bars, which posted a 41.3% annual gain in 2021 to lead all categories, saw a decline of 0.8% for the month. Gas stations were a close second for the year, with a 41% surge in sales
  • The Biden administration has joined central bank leaders in placing much of the blame for rising prices on pandemic-specific factors such as a huge demand for goods over services and supply-chain issues

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