U.S. March Retail Sales Rise 1.7%, Driven by Gasoline Surge

U.S. retail and food service sales reached $752.1 billion in March, posting month-on-month growth of 1.7% and annual growth of 4%, exceeding forecasts. A 25% surge in gasoline sales accounted for 70% of the monthly increase, transmitting the Iran war's oil shock directly to consumer prices.