US retail sales increased in March, mostly boosted by higher gasoline and food prices, but consumers are showing signs of cutting back on discretionary spending amid high inflation.Retail sales rose 0.5 percent last month, the United States Department of Commerce said on Thursday. Data for February was revised higher to show sales gaining 0.8 percent instead of 0.3 percent as previously reported.Economists polled by Reuters had forecast retail sales increasing 0.6 percent, with estimates ranging from as low as a 0.3 percent decline to as high as 2.2 percent jump.
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