CNBC/NRF Retail Monitor shows sales grew in April despite high gas prices and sustained inflation

Retail sales rose for the seventh consecutive month in April even as gas prices rose and inflation remained stubborn, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation.

“Retail sales continued to grow in April despite higher gas prices driven by the ongoing conflict in Iran, cautious consumer sentiment and the persistent concerns about sustained inflation,” NRF President and CEO Matthew Shay said. “Spending on household priorities remains solid, supported by a steady labor market, wage growth and a significant influx of cash from tax refunds. While consumers are mindful on costs, retailers are working hard to keep everyday goods affordable for American families.”

Total retail sales, excluding automobile dealers and gasoline stations, were up 0.34% seasonally adjusted month over month and up 5.73% unadjusted year over year in April, according to the Retail Monitor. That compared with increases of 0.4% month over month and 6.59% year over year in March.

The Retail Monitor calculation of core retail sales (excluding restaurants in addition to auto dealers and gas stations) was also up 0.34% month over month in April and was up 5.53% year over year. That compared with increases of 0.41% month over month and 7.05% year over year in March.

Total sales were up 6.07% year over year during the first four months of the year, and core sales were up 5.99%.

Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.

April sales were up in all but one of nine categories on a yearly basis, led by clothing stores, sporting goods stores and health and personal care stores, and, and were also up in all but one category on a monthly basis. Specifics from key sectors include:

• Clothing and accessories stores were up 0.59% month over month seasonally adjusted and up 9.75% year over year unadjusted.
• Sporting goods, hobby, music and book stores were up 0.12% month over month seasonally adjusted and up 8.55% year over year unadjusted.
• Health and personal care stores were up 0.45% month over month seasonally adjusted and up 8.42% year over year unadjusted.
• Digital products (such as electronic books and games) were up 1.11% month over month seasonally adjusted and up 8.09% year over year unadjusted.
• General merchandise stores were up 0.15% month over month seasonally adjusted and up 6.19% year over year unadjusted.
• Electronics and appliance stores were up 0.16% month over month seasonally adjusted and up 4.03% year over year unadjusted.
• Grocery and beverage stores were up 0.36% month over month seasonally adjusted and up 3.21% year over year unadjusted.
• Furniture and home furnishings stores were down 0.06% month over month seasonally adjusted but up 2.58% year over year unadjusted.
• Building and garden supply stores were up 0.09% month over month seasonally adjusted but down 2.74% year over year unadjusted.