Higher sales at gas stations as prices rise boost retail sales in March
Higher gasoline prices lifted gas station sales 12.4% and pushed nominal retail sales to $72.7 billion, Statistics Canada said.
- Statistics Canada reports retail sales rose 0.9% to $72.7 billion in March as higher gas prices boosted the overall monthly total.
- Gas station sales jumped 12.4% following the attack on Iran by Israel, which drove oil and gas prices higher for the month.
- Core retail sales fell 0.1%, while building material and garden equipment dealers saw sales drop 2.9% and general merchandise slipped 0.5%.
- Despite nominal growth, overall retail sales volume fell 0.7% in March, indicating inflation rather than increased consumer demand drove the month's results.
- Statistics Canada estimates retail sales rose 0.6% in April, though the agency cautioned this preliminary figure will be revised as more data arrives.
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Retail sales increased by 0.9% to $72.7 billion in March, as the increase in gasoline prices stimulated the month's overall sales.
Retail sales increased by 0.9% to $72.7 billion in March, as the increase in gasoline prices boosted overall sales this month, according to Statistics Canada.
The Toronto Star
Higher sales at gas stations as prices rise boost retail sales in March
OTTAWA - Retail sales rose 0.9 per cent to $72.7 billion in March as higher gas prices boosted overall sales for the month, Statistics Canada said on Friday.
Canada: Retail Sales Rise in March, but Higher Prices Eat into Volumes - ActionForex
Retail sales rose 0.9% month-on-month (m/m) in March, ahead of the 0.6% gain reported in the advanced estimate. In volume terms, sales declined 0.7% m/m, showing higher prices eating into activity. The monthly gain was led by gasoline stations and fuel vendors (+12.4% m/m), reflecting the surge in gas prices – volumes were down 1.9% […] The post Canada: Retail Sales Rise in March, but Higher Prices Eat into Volumes appeared first on ActionForex.
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