Canadian retail sales finished 2022 strong in December, according to Statistics Canada’s final retail sales report for the year published on February 21, 2023.
Total sales were up 7.3% year-over-year in December 2022 – and 0.5% from November 2022 – to $62.1 billion.
On the whole, retail sales increased 8.2% in 2022, led by gasoline stations and general merchandise stores. In volume terms, sales were up 1.5% in 2022.
Higher sales at general merchandise stores (+1.7%) led the increase in core retail.
Meantime, Statistics Canada also confirmed on February 21, 2023 that its Consumer Price Index (CPI) rose 5.9% year-over-year in January 2023 following a 6.3% increase in December 2022. Further details can be found here.