BCREA ECONOMICS NOW:Canadian Retail Sales and Consumer Price Inflation - February 22, 2013
BCREA ECONOMICS NOW
Canadian Retail Sales and Consumer Price Inflation - February 22, 2013
Canadian retail sales declined 2.1 per cent in
December, following five consecutive monthly increases. The majority of the
decline was sparked by a dip in motor vehicle sales. Excluding motor vehicles
sales, retail sales were down 0.9 per cent in December. Canadian retail sales
growth for all of 2012 was just 2.5 per cent, half the rate of growth in 2011.
Retail sales in British Columbia fell 0.9 per cent in December and were 0.2 per
cent lower year-over-year. For all of 2012, retail sales grew just 2.2 per
cent, the weakest sales growth since the 2009 recession in spite of
strengthening fundamentals like full-time employment and wage growth.
Weak retail sales point to fairly weak economic growth in both Canada and BC at
the end of 2012, which has meant very little upward pressure on inflation.
Canadian CPI registered just 1 per cent in January matching the increase in the
Bank of Canada's core inflation index.
For more information, please contact:
Cameron Muir |
Brendon Ogmundson |
Chief Economist |
Economist |
Direct: 604.742.2780 |
Direct: 604.742.2796 |
Mobile: 778.229.1884 |
Mobile: 604.505.6793 |
Email: cmuir@bcrea.bc.ca |
Email: bogmundson@bcrea.bc.ca |
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.
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