U.S. retail sales post first decline in five months as inflation bites

WASHINGTON: U.S. retail sales unexpectedly fell in May as motor vehicle purchases declined amid rampant shortages, and record high gasoline prices pulled spending away from other goods.

The first drop in sales in five months reported by the Commerce Department on Wednesday also suggested that high inflation was starting to hurt demand. It followed in the wake of major retailers like Walmart and Target cutting their profit forecasts because of cost pressures.