Retail sales in Canada during May rose 2.2% to reach $62.2 billion, according to Statistics
Canada.
The May sales figure was revised upward from an initial estimate of 1.6% growth. However,
preliminary estimates for June point to growth of only 0.3%, suggesting a sharp slowdown in
consumer spending amid rising interest rates.
Statistics Canada said that core retail sales, which exclude gasoline stations and automotive
dealerships, increased 0.6% in May.
In total, May retail sales increased in eight of the 11 subsectors tracked by Statistics Canada.
Much of May’s sales growth was driven by a 12% gain in gasoline prices, which drove a 9.2%
rise in sales at gasoline stations.
Food and beverage store sales rose 1.9% during the month while sales at general merchandise
stores gained 1.4%.
Statistics Canada said the largest decline to retail sales in May came from a 6.7% drop in
miscellaneous store retailers that includes pet and cannabis stores.
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