Retail sales grew more slowly than expected in May as high interest rates and inflation continued to weigh on consumers. According to the Commerce Department, retail sales grew 0.1%, lower than the 0.3% increase expected by economists, but better than the 0.2% decline in April. Retail sales excluding autos and gasoline rose 0.1%, below the 0.4% increase expected but better than April’s 0.3% decline. The report comes less than a week after the Federal Reserve’s revised Summary of Economic Projections (SEP) showed the central bank expects an interest rate cut this year.