Americans saw large chunks of their wallets get eaten up by soaring gas prices in March; however, consumers still had money left in the tank to spend elsewhere.
A war-driven spike in gas prices sent US retail sales 1.7% higher March, the fastest monthly pace in more than three years, according to Commerce Department data released Tuesday.
The March sales pace was a sharp upswing from a 0.7% gain in February.
Retail sales figures are adjusted for seasonal swings but not inflation, which shot higher in March by 0.9% (triple the February rate), the latest Consumer Price Index showed.
Gas prices