According to figures published this Wednesday by the Department of Commerce, retail sales in the United States increased 0.9% in May, exceeding economists' expectations and showing resilience on the part of American consumers in the face of high food and gasoline prices.

The entity details in its report that the greatest increase in sales was reflected in gas stations with an increase of 0.7%, while spending in furniture, clothing and accessories stores, including online sales, was 1.5%, despite the slight falls recorded in home appliance and electronics stores.

In this regard, Kathy Bostjancic, chief economist at Nationwide, noted that “the broad-based and higher-than-expected increase in retail sales in May demonstrates that consumers continued to spend strongly despite rising gasoline prices during that month,” AP said.

During the last few months, gasoline prices rose up to 50%, according to AAA reports, the current cost is $4.02 per gallon, this has partly driven the inflation rate to one of its highest levels in three years, increasing to 4.2% during May.

However, consumer spending was boosted by tax refunds between April and May, which has kept spending strong so far. “Significant tax refunds and across-the-board tax reductions for households this year, along with recent strengthening in job growth, helped mitigate the negative impact of rising gasoline prices,” Bostjancic noted.

On the other hand, last week the Department of Labor published data on the Producer Price Index (PPI), which increased to 6.5%, representing an increase of 1.1% compared to the previous month.

The report highlights that basic wholesale prices such as food and energy increased 0.4% in May and 4.9% year-on-year, and wholesale gasoline prices shot up 23% in the last month and 70% in the 12 months.