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: Inflation is a grinch. Americans trim their holiday gift spending as November retail sales decline.

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More Americans are cutting back on their holiday gift expenditure.

The latest hint came Thursday. November retail sales fell 0.6%. That’s the biggest month-to-month drop in almost a year as high prices and rising interest rates wear down consumers, and comes in the midst of the holiday shopping season. Economic forecasters were planning on a 0.3% drop.

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