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Retail sales in May slip 0.3% amid surging inflation

FILE - A customer wears a mask as she waits to get a receipt at a register in Target store in Vernon Hills, Ill., May 23, 2021. Americans cut their spending unexpectedly in May compared with the month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items. (AP Photo/Nam Y. Huh, File)

FILE - Various grades of gasoline, with prices above seven dollars per gallon, are displayed at a Chevron gas station, May 22, 2022, in downtown Los Angeles. Americans cut their spending unexpectedly in May compared with the month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items. (AP Photo/Damian Dovarganes, file)

Retail sales in May slip 0.3% amid surging inflation