NEW YORK (CNN/Money) - One big force in the January retail sales numbers is a pullback in auto sales that occurred as dealers scaled back incentives to buy.

That's not so great for auto manufacturers and dealers because the more people insist on a discount in order to purchase cars and trucks, the harder it is for these companies to fatten up their profits.

But it is potentially good news for the folks at the Fed who are worried that inflation forces are gathering steam.

For the record, the Department of Commerce report showed overall sales fell 0.3 percent in January, compared to a revised 1.1 percent gain in December. But excluding auto sales, retail sales rose 0.6 percent.

Economists at UBS point out in a note today that surveys by the University of Michigan over the last few months are showing that affluent consumers -- defined as the top 25 percent of the income distribution pyramid -- have gotten even more adamant about getting hefty discounts on their auto purchases. And the surveys show them more willing to sit back and wait for sweeter deals from the car companies before they buy.

An environment like that makes it tough for inflationary pressures to spiral higher in a dance where people are convinced that prices are moving up and they should buy now before the price gets out of reach.

The housing market is one area where this kind of behavior has been widely observed, but when it comes to goods -- cars, clothes, computers, etc -- the wait and watch for sales strategy seems more widespread. We'll see what Alan Greenspan has to say about this on Tuesday and Wednesday.

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-- Kathleen Hays is economics correspondent for CNN and contributes to Lou Dobbs Tonight.