US Retail Sales Growth Slowed in October Amid Persistent Inflation and High Borrowing Costs

U.S. retail sales expanded at their slowest monthly pace in nearly a year in October, rising 0.2% month over month and 3.6% annually to $561.7 billion, according to the CNBC/NRF Retail Monitor. Core retail spending, which excludes restaurants, gained 0.3% over the month to $454.2 billion, registering its thirteenth straight monthly advance despite elevated gasoline prices. Across categories, nine of 11 sectors showed annual growth, led by a 9.3% increase in electronics and appliances, while furniture and home furnishings sales dropped 2.6%. The cooling data coincides with a 0.4% monthly rise in October consumer prices.