According to the US Department of Commerce, total sales volume in July decreased by 0.6% compared to the previous month, down to 763.6 billion US dollars. Excluding sales at car dealerships and gas stations, sales decreased by 0.2% compared to the previous month.
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Analysts, on the contrary, expected sales to increase by 0.1% this month.
Inflation in the US has remained high in recent months, further driven by rising gasoline prices. However, gasoline prices slightly decreased in July, negatively affecting sales at gas stations, although prices remain higher than before the war in the Middle East began.
Despite the decrease, US retail sales volume was still 5% higher than the same period last year.
