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Real Retail Sales report a sharp increase for January after a short correction following consumers stocking up for the COVID lockdowns.
Gasoline prices, which have risen sharply from RBOB Gasoline $1.41/gal to $1.59/gal in January 2020, actually fell as part of the mix in this report, from 18.28% of total sales to 18.11%.
This means that even with the sharp rise in fuel prices, retail sales accelerated more sharply than expectations.