BREAKING: Retail sales were little changed in July amid a fall in gas prices and a drop in auto sales.
Retail activity was flat in July as falling fuel prices held back gas station sales and consumers turned more heavily to online shopping, the Census Bureau reported Wednesday.
The numbers are adjusted seasonally but not for inflation, and come during a month when the consumer price index also was flat. Gas prices had eclipsed $5 a gallon in many locations earlier in the summer, but fell through July and most recently were at $3.94 a gallon for regular unleaded, according to AAA.
Consumers have been fighting to keep up with an inflationary environment that has seen prices overall increase 8.5% from a year ago, close to the highest level in 40 years. Price increases have been especially pernicious in the food and energy category; even with the July slide in energy prices, gas station receipts rose 39.9% from a year ago.