U.S. retail sales in February grew steadily, with oil prices becoming a hidden concern

Coin World News: Data released by the U.S. Department of Commerce on Wednesday showed that February retail sales rose more than expected, supported by broad-based gains, including a rebound in auto purchases. But the Middle East war has sent gasoline prices soaring, which could curb consumption over the coming months. After retail sales declined slightly in January, February retail sales increased by 0.6% with no inflation adjustment. The U.S.-led war against Iran has pushed global oil prices up by more than 50%; the nationwide average retail gasoline price has risen to above $4 per gallon, the first time in more than three years. Market concerns are that if gasoline prices keep rising, they could offset part of the boost to consumer spending and the overall economy from tax relief. Retail sales excluding autos, gasoline, building materials, and food service rose 0.5% in February, after an increase of 0.2% in January. This so-called “core retail sales” is closest to the consumption component of GDP. Consumption spending slowed in the fourth quarter of last year, dragging the GDP annualized growth rate down to 0.7%;