Canadian retail sales rose 1 per cent in September, the
third consecutive monthly increase. The advance in sales was largely
attributable to higher sales of motor vehicles and parts. Excluding
motor-vehicles, sales were flat. Given
today's retail sales data, our Canadian GDP tracking model estimates third
quarter growth at 2.7 per cent.
Retail sales in BC were up for a second straight month, rising 0.4 per cent
month-over-month. Compared to September 2012, sales were up 3.1 per cent. Year-to-date, BC retail sales are up just 1.1
per cent.
Declining gas prices pushed Canadian inflation lower in
October, falling from an annual rate of 1.1 per cent in September to just 0.7
per cent in the 12 months to October. The Bank of Canada's preferred measure of
core inflation, which excludes the most volatile components of the CPI,
continues to trend well below the Bank's 2 per cent inflation target, rising
just 1.2 per cent.
Copyright BCREA –reprinted with permission
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