Tax refunds help to lift US retail sales; drag from rising inflation looms

From finance.yahoo.com

U.S. retail sales increased solidly for a third straight month in April, though part of the rise in receipts was due to a sharp rise in inflation since the start of the U.S.-backed war with Iran. Rising price pressures were underscored by other data on Thursday showing imported inflation last month rose at its fastest pace in four years. Larger tax refunds this year as well as strong stock market gains are providing households a cushion against rising inflation. But price rises are outpacing wage gains, the tax filing season is over and the saving rate is near a 3-1/2-year low, leaving economists to anticipate softer ... (full story)