Following a 1.7 per cent increase in November, Canadian
retail sales disappointed in December, falling 2.2 per cent. Weakness in sales
was widespread with 10 of 11 retail sub-sectors recording a decline in
sales. Given disappointing consumer
spending in the final month of 2015, we estimate that growth the Canadian economy
was approximately zero in the fourth quarter. In BC, retail sales fell 1.9 cent
on a monthly basis but were up 7.1 per cent compared to December 2014. For all
of 2015, retail sales in the province rose 6.9 per cent.
The Consumer Price Index (CPI), which measures the rate
of inflation in Canada, rose 2 per cent in the 12 months to January, up 0.4
points from the previous month. Gasoline prices rose on a year-over-year basis
for the first time since October 2014 while food prices climbed 4 per
cent. The Bank of Canada's core measure
of inflation, which excludes volatile components like food and gasoline
increased 0.1 point to 2 per cent, right on the Bank's target for
inflation. In BC, provincial consumer
price inflation was 2.3 percent in the 12-months to January.
Copyright BCREA – reprinted with permission
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