Retail sales in the US rose at the fastest pace in more than two years last month, providing hope that consumers will boost growth in the economy in the first quarter. Retail sales excluding autos surged 1.3pc in January from December, the Commerce Department said today. This is the largest increase in the ex-autos component since September 2000. Economists had expected sales to increase by just 0.5pc. Including autos, sales fell 0.9pc in January, dragged down by a slump in car sales following discount financing offers on car lots late last year. On a year-on-year basis, overall sales were up 3.9pc.
In December, overall sales rose a revised 2.0pc from November, up from the earlier estimate that sales rose 1.2pc. In a separate report, the Commerce Department said that import prices rose by the largest margin in nine months in January as rising geopolitical tensions over Iraq sent crude oil costs soaring. Import prices rose 1.5pc in January from December boosted by a 12.4pc surge in imported petroleum, up from a 6.2pc increase the previous month. On a year-on-year basis, import prices were up 5.5pc in January. ///www.fxcentre.com