The island’s retail sector ended 2010 with a slight 1.85 percent year-over-year increase, generating more than $2.3 billion in activity. However, the rising costs of food, gasoline and medicines, coupled with the influx of federal funding, could explain the spending growth.
Puerto Rico’s Economic Activity Index for February showed the first month-over-month increase, of 0.4 percent in comparison to January, since October 2010, the Government Development Bank said Sunday.
As oil prices settled at close to $98 a barrel Friday, prices at the pump on the island also spiked, prompting concerned consumers to scramble to fill up their tanks in case things get worse in coming days.