Retail sags, U.S. imports grow

With gas prices soaring and the economy struggling, retail sales slid 0.6%in February, according to a report by the Department of Commerce. But compared to the previous year, retail sales were up 2.6%. The reading market the second time in the past three months that retail sales had taken a dive. Retail sales grew 0.4% in January, following a 0.7% decrease in December, which marked the largest drop in six months. Sales at gasoline stations fell 1% from January, as a 2% decrease in prices pushed sales down. In another report, the prices of goods imported into the U.S. rose 0.2% in February, as the price of imported petroleum fell for the second time in three months. Import prices have risen 13% since the year-ago period. Petroleum import prices were off 1.5% last month compared to January, but were up 60.9% on the year. Meanwhile, natural gas prices rose 8.7% on the month. Excluding petroleum, import prices climbed 0.6% and were up 4.5% on the year, marking the largest increased since Jan. 1995. Excluding all fuels, prices increased 0.5% on the month and are up 4.3% on the year.