AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

OTTAWA: Canadian retail sales rose by 1.4% in October from September, data showed on Tuesday, but an estimate for November indicates a 0.5% monthly decline heading into the Christmas shopping season and after seven interest rate increases this year.

October retail sales gained the most in five months, though it was a notch lower than the 1.5% rise forecast by analysts. September’s decline was revised downward a decimal point to 0.6% from a previously reported drop of 0.5%, Statistics Canada said.

October sales were driven mostly by price increases at gasoline stations and in food and beverage, Statistics Canada said. In volume terms, retail sales were flat.

“Retail sales posted a solid increase in October, though the gain came from higher prices, particularly at gasoline stations,” Shelly Kaushik, an economist at BMO Capital Markets, said in a note.

“Looking ahead, a negative flash estimate for November points to continued weakness as consumers struggle with reduced purchasing power in the face of high inflation,” Kaushik said.

Canada home price index falls more sharply in November: Teranet

The Bank of Canada has hiked rates at a record pace of 400 basis points in nine months to 4.25% - a level last seen in January 2008 - to tame inflation that stood at 6.9% in October. That is more than three times the central bank’s 2% target.

Going forward, bank Governor Tiff Macklem has said setting the policy rate will be more data-dependent. November consumer prices are due out on Wednesday, while October gross domestic product figures will be published on Friday.

“That latest retail data are consistent with the Bank of Canada pausing its hiking cycle in January,” said Royce Mendes, head of macro strategy at Desjardins Group, in a note. “That said, tomorrow’s CPI data will play a big role in determining the future path.”

Comments

Comments are closed.

Rebirth Dec 20, 2022 09:39pm
Looks like Rwanda and Uganda don’t have hyperactive and desperate diplomatic staff paying people up to write articles about them. What possible benefit is there in finding out about this country’s economy?
thumb_up Recommended (0)