Spending at retail stores rose more than expected in January as consumer demand remains strong even in the face of stubbornly high inflation and rising interest rates.

Retail sales, a measure of how much consumers spent on a number of everyday goods, including cars, food and gasoline, rose 3% in January, the Commerce Department said Wednesday. It marked the biggest monthly gain since March 2021 and is well above the 1.8% estimate from Refinitiv economists. 

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