Source: Pet Business Professor
In August 2024, deflation accelerated in commodities to -1.2%, affecting consumer spending despite high cumulative prices. Total retail sales rose 53% compared to the 92-23 average, while Relevant Retail saw a 73% increase, both lower than July figures. The Census Bureau’s Monthly and Advance Retail Sales Reports, used to track retail trends, show that while prices are deflating in some areas, they remain higher than in 2021, slowing product growth.
July’s Monthly Report showed a 3.4% lift in total retail sales, with only one actual sales drop in gas stations. Deflation improved retail sales in various channels, but inflation still affects long-term growth. In August, total retail sales grew 1.5%, although gas stations saw a decline. Key channels like building materials and grocery stores showed mixed results, with inflation still impacting real growth. Notably, internet/mail order sales set new records. Overall, the retail recovery is ongoing but still influenced by inflation’s lingering effects.
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