Retail sales increased 1.4% to $66.4 billion in January according to Statistics Canada, adding that sales increased in seven of nine subsectors, representing 88.7% of retail trade, and in all 10 provinces.
The increase was led by higher sales at motor vehicle and parts dealers (+3.0%) and gasoline stations and fuel vendors (+2.9%). More info can be found on the Retail Sales section of RCC’s Retail Pulse Dashboard.
Also, StatsCan says the Consumer Price Index (CPI) rose 5.2% year over year in February – the largest deceleration in the headline CPI since April 2020.
The increase follows a 5.9% jump in January – and was due to a base-year effect, for the second consecutive month, which is attributable to a steep monthly increase in prices in February 2022 (+1.0%).
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Senior Policy Analyst, Government Relations