Statistics Canada says retail sales up 0.4% at $66.9 billion in September

Hey there, time traveller!
This article was published 22/11/2024 (385 days ago), so information in it may no longer be current.

OTTAWA – Canadian retail sales rose 0.4 per cent to $66.9 billion in September from a month earlier, boosted by gains at supermarkets and other grocery stores, Statistics Canada said Friday.

The agency also said that its advance estimate for retail sales in October suggests sales increased 0.7 per cent for that month, though it cautioned the figure would be revised.

“Canadian consumers seemed to have found their footing in the second half of the year, benefiting from cooling inflation and falling interest rates,” BMO economist Shelly Kaushik wrote in a report.

The Bank of Canada has cut its policy interest rate four times this year so far to bring it down to 3.75 per cent. The cuts have come as the annual pace of inflation has eased 2.0 per cent in October.

Statistics Canada said the sales in September at food and beverage retailers increased three per cent for the month.

The move higher for the subsector came as supermarkets and other grocery retailers, except convenience retailers, rose 3.3 per cent and sales at beer, wine and liquor retailers added 4.4 per cent.

The building material and garden equipment and supplies dealers subsector also gained 3.0 per cent in September.

Meanwhile, sales at gasoline stations and fuel vendors fell 2.3 per cent, while sales in volume terms increased 3.2 per cent.

Motor vehicle and parts dealers saw sales drop 0.7 per cent in September.

Core retail sales, which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers, gained 1.4 per cent in September.

In volume terms, retail sales rose 0.8 per cent in September.

This report by The Canadian Press was first published Nov. 22, 2024.