Retail sales in the US grew moderately in June amid a stable economy and near-flat inflation for goods, latest industry data showed.

According to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, total retail sales, excluding automobiles and gasoline, were up 0.47 per cent seasonally adjusted month over month and up 3.42 per cent unadjusted year over year in June. 

By comparison, May retail sales saw increases of 1.35 per cent month over month and 3.03 per cent year over year. Total sales were up 2.39 per cent year over year for the first six months of the year.

June sales were up in five out of nine retail categories on a yearly basis, led by online sales, general merchandise stores and clothing and accessory stores, which include jewellers. 

Clothing and accessories stores were down 0.11 per cent month on month but rose 5.35 per cent versus the same period last year.

NRF President and CEO Matthew Shay said, “Consumers are being thoughtful about their spending, prioritising non-discretionary purchases as they continue to face high interest rates and lingering inflation."

Inflation, meanwhile, dropped to nearly zero for goods, but remains persistent with services, noted Shay. "Solid economic fundamentals are also helping consumers make ends meet," he continued.

Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual, anonymised credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.