Retail sales posted unexpected 0.3% decline in May as inflation hammers consumers
Advance retail and food service spending fell 0.3% for the month, below the Dow Jones estimate for a 0.1% gain.
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"By June we will have a new set of projections that will confirm whether the inflation path we foresaw in...
"This is going to cause further liquidity squeeze," one Istanbul-based economist told CNBC.
Price pressures increasing at a faster-than-expected pace raised concern that inflation could be more durable than anticipated.