Lafayette Parish had $715 million in taxable sales during March — the second-highest mark for any single month on record — but the U.S. Federal Reserve's moves to fight inflation may slow down spending.

Through the first quarter of 2022, the parish had more than $1.9 billion in sales, beating last year's record-breaking pace by 9.1%, though inflation plays a factor in the increased sales figures. According to the U.S. Consumer Price Index, the $1.9 billion is likely close to $1.8 million in 2021 dollars, which would still be an increase from the first quarter of 2021.

To combat the rising inflation, the Federal Reserve has been raising interest rates at a record pace. The move is expected to help curb inflation, but it's also possible that it puts a damper on other economic activities.

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“Sales continued to break records in the first quarter of 2022; however, as summer approaches, the Fed is making moves to fight inflation which may temper consumer spending in the coming months,” said Mandi D. Mitchell, president and CEO of LEDA.

“I am confident businesses in Lafayette Parish will remain successful, even if sales slow due to Fed intervention. As a retail and entertainment hub, Lafayette Parish residents and our neighbors in the region will continue to support our local retailers, restaurants, and service providers.”

Over the course of the first quarter, several industries have seen significant increases in sales, even when accounting for inflation. Restaurants in the city of Lafayette have been doing particularly well in 2022, recording $115.6 million in total sales so far this year, which is a record for the first quarter.

Relatively few industries have seen their sales fall from the first three months of 2021. Those with sales below last year's levels include things like junk yards, florists, bait shops, gift shops, drug stores and jewelry stores, among others.

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On the whole, the city of Lafayette had nearly $487.3 million in sales during March, and the city had around $1.3 billion in sales through March. Sales are up around 8.4% compared to the first quarter of 2021.

Most of Lafayette Parish's other cities are still seeing high sales numbers as well. Sales in Broussard total $178.5 million. up 21.8% from the first quarter of 2021. Duson's sales are at $11.9 million, an increase of 23%.

Scott's sales total $79.7 million on the year, up 11.7% from 2021. Sales in Youngsville are at $109.2 million, rising 16.4% from last year.

Carencro is the only municipality to see sales fall from 2021, which was a record-shattering year for the city. This year, it has $87.3 million in sales for the first quarter, down 13.9%. The unincorporated parish has $164.7 million in sales, up 11.5%.

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This article originally appeared on Lafayette Daily Advertiser: Could rising interest rates curb Lafayette's high sales numbers?