Retail sales nationwide and in Montgomery County increased moderately in February as high gasoline and food prices forced households to cut back spending on other goods, including furniture and electronics, writes Lucia Mutikani for Reuters.

According to a recently released report by the Commerce Department, retail sales increased by 0.3 percent in February compared to January, and 17.6 percent from a year ago. However, the same report noted that the rebound in sales in January was significantly stronger than it was initially estimated. January sales were in fact revised up to 4.9 percent from 3.8 percent.

Overall, consumers are being cushioned against inflation by at least $2.5 trillion in excess savings that were accumulated throughout the COVID-19 pandemic.

Additionally, worker shortages along with nearly 11.3 million job openings at the end of January are helping boost wages and allowing some Americans to take on extra shifts to augment their income.

“Though cooling after January’s splurge, American consumers appear reasonably well positioned to keep spending, supported by recent massive job gains and high household savings,” said Sal Guatieri, a senior economist at BMO Capital Markets.

Read more about retail sales and rising gasoline prices in Montgomery County and across the nation in Reuters.