Boosted by food and new vehicle sales, Canadian retail saw significant gains, despite a fuel sales dip
In February, retail sales in Canada saw a notable increase, reaching $56.3bn, which represents a 4.1 percent rise compared with the same month the previous year.
According to Statistics Canada, this growth was observed across 11 of the 18 commodity classes tracked.
According to advance estimates from the Monthly Retail Trade Survey, total retail sales in March appear to have decreased by 1.5 percent. It is important to note that this figure is preliminary and subject to revision.
The most significant rise in dollar terms occurred in the sales of food and beverages, which climbed 8.0 percent in February compared to February 2023. This increase was largely fueled by a 7.9 percent rise in sales of fresh food.
The retail sales of motor vehicles also experienced growth in February, increasing by 7.9 percent. The most substantial growth within this commodity class was in new motor vehicle sales, which surged by 15.3 percent.
On the other hand, sales of used motor vehicles saw a decrease of 1.8 percent. However, there was a 5.2 percent increase in sales of motor vehicle parts, accessories, and supplies.
Conversely, the largest decline was seen in the sales of automotive and household fuels, which fell by 3.8 percent. This decrease is attributed to higher prices, leading to a 2.5 percent drop in sales of automotive fuels compared to February 2023.
