Canadian consumers pull back on spending amid high prices, interest rates: Experts
amid a drop in spending at general merchandise stores and gasoline stations and fuel vendors, Statistics Canada said Friday.
Economists have warned of a lag between rising prices and high interest rates and the affect on the economy. While the Bank of Canada held its key lending rate at 4.50 per cent at its most recent rate decision, it is up from 0.25 per cent at the start of 2022. For February, retail sales were down in four of the nine subsectors as sales at gasoline stations and fuel vendors fell 5.0 per cent for the month and general merchandise retailers lost 1.6 per cent.Core retail sales — which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers — increased 0.1 per cent helped by a 4.4 per cent gain in sales at clothing, clothing accessories, shoes, jewelry, luggage and leather goods retailers.
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