US retail sales beat forecasts in September but most of the gains went straight to the petrol pump

American shoppers spent more than expected last month, with retail sales rising 0.8% against forecasts of 0.3%. Strip out petrol stations and the gain falls to just 0.2%, with gas station spending alone surging 6.4% after renewed Middle East fighting pushed prices higher. Oxford Economics warns consumer momentum is set to fade heading into the holiday season as higher prices bite harder.