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Retail sales jump 3% in January, smashing expectations despite inflation increase

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Retail sales jump 3% in January, smashing expectations despite inflation increase

Sales at retailers rose far more than expected in January as consumers persevered despite rising inflation pressures.

Advance retail sales for the month increased 3%, compared to expectations for a rise of 1.9%, the Commerce Department reported Wednesday. Excluding autos, sales increased 2.3%, according to the report, which is not adjusted for inflation. The ex-autos estimate was for a gain of 0.9%.

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