TORONTO — Canadian retail sales surged higher at the end of last year to post their largest monthly increase since May 2022, but Statistics Canada says its early estimate for January pointed to a pullback to start 2025.
The agency said Friday retail sales in December rose 2.5 per cent to $69.6 billion, topping the early estimate for the month that suggested a gain of 1.6 per cent.
CIBC senior economist Andrew Grantham said consumer spending was clearly improving during the second half of 2024, even before accounting for the temporary boost in December from the GST holiday. U.S. President Donald Trump has announced plans to impose wide-ranging tariffs on U.S. imports from Canada and around the world.
The increase came as sales at supermarkets and other grocery retailers, except convenience retailers, gained 3.9 per cent, while beer, wine and liquor retailers rose 3.9 per cent and specialty food stores added 2.4 per cent.
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