Total retail sales increased 0.4% month-over-month in April (consensus +0.7%) following an upwardly revised 0.7% decline (from -1.0%) in March. Excluding autos, retail sales were also up 0.4% month-over-month (consensus +0.3%) following an upwardly revised 0.5% decline (from -0.8%) in March.
Retail sales are not adjusted for inflation, so the key takeaway from the report is that total retail sales were up in April due primarily to price increases and not as much to increased demand.