On Thursday, the U.S. Bureau of Labor Statistics reported that prices increased 7.9 percent over the past 12 months — a 40-year high — and rose 0.8 percent in February alone on a seasonally-adjusted basis, after rising 0.6 percent in January.
“Consumer sensitivity to food, energy and other price increases could result in many dialing back their spending in other categories,” McGee added. “Retailers will need to find ways to continue serving price-conscious consumers while expanding their offerings as pandemic-related restrictions and fears decrease.”
“While this survey was conducted before the conflict in Ukraine, we expect the conflict will increase inflationary pressures,” McGee told WWD. “We anticipate retail sales will continue their positive trajectory overall; still, greater uncertainty will impact the economy over the next few months and retailers should prepare for possible supply chain issues and other disruptions.”
From January to February, gasoline prices rose 5.4 percent; shelter costs rose 0.6 percent; food prices rose 0.9 percent; apparel prices rose 3.1 percent, while electricity dipped 0.7 percent. Consumers identified retail prices , energy and gasoline prices , employment status or wages , and personal debt as the factors with the greatest impact on their expenditures or spending habits.
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