"The moderation in the pace of price growth is allowing consumers to ratchet up spending," said Tim Quinlan, an economist at Wells Fargo. "People may not love how much it costs to go out to eat, but their bar and restaurant spending is growing faster than prices are."
The latest retail sales figures suggest that the economy is growing briskly again in the current October-December quarter, after having expanded at a sturdy 2.8% annual rate in the previous quarter.
Retail sales rose 0.4% from September to October, a solid increase though less than the previous month's robust 0.8% gain.
Despite some declines in categories like furniture and clothing, analysts anticipate a solid holiday shopping season amid generally improving retail activity.
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