In 1946, record retail sales masked a dangerous reality: the government controls keeping prices in check had just quietly disappeared, and inflation was about to hit 20%.

May 2026 shows $763.7 billion in retail spending — up 6.9%. But that number is not adjusted for inflation. Tax refunds and stronger hiring are supporting the headline. So is 4.2% inflation.

History's most forgotten retail boom might explain the one you're reading about right now.

Does your household feel like it is buying more, or just paying more?