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Axios
Axios
Business

How shoppers are shifting spending amid decades-high inflation

Inflation Cox Automotive

It's becoming clear what Americans are cutting back on as energy and food costs cut into their budgets: durable goods.

What's new: The story of the economy is spelled out in today's retail sales report, which showed overall sales down 0.3% in May. Excluding spending at gas stations, retail sales were down 0.7%.

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