Retail sales post biggest jump in more than 3 years on record spike in gas prices

By Alicia Wallace, CNN

(CNN) — A record spike in gas prices drove US retail sales higher in March, rising by the fastest monthly pace in more than three years, new Commerce Department data showed Tuesday.

Retail sales jumped 1.7% in March, a sharp upswing from February’s 0.7% gain, marking the fastest pace since January 2023.

The retail sales figures are adjusted for seasonal swings but not inflation.

Gas prices soared in March as a result of the war with Iran and the effective closure of the Strait of Hormuz, a critical channel for the transport of oil.

This story is developing and will be updated.

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