Canada’s retail sales rose for the fifth consecutive month in May, but volume growth was modest; gasoline prices distorted the nominal figure, and early signs of core consumer recovery have emerged.

Canada’s retail sales rose for the fifth consecutive month in May, but volume growth was modest; gasoline prices distorted the nominal figure, and early signs of core consumer recovery have emerged.

智通财经2026/07/23 16:11

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Canada’s retail sales rose by 1.0% month-on-month in May to 73.7 billion Canadian dollars, marking the fifth consecutive month of growth. Gains were broad-based across categories; however, the increase in sales volume was only 0.3%, showing a continued divergence between nominal and real growth rates.
Gas stations and fuel suppliers led with a 3.1% rise, reflecting higher energy prices driven by Middle East conflicts. However, in terms of sales volume, this category actually declined by 2.7%, highlighting the significant distortion on headline figures caused by price increases.
Motor vehicle and parts dealers increased by 0.7%, the second consecutive month of growth mainly driven by new car dealers. Core retail sales (excluding gasoline and automobiles) climbed by 0.9%, reversing April’s 0.7% drop, signaling improvement in underlying consumer demand.
General merchandise retailers led the core categories with a 1% increase, the first gain in three months. Sporting goods, hobby, book and miscellaneous retailers also rose by 1.8%, likewise marking their first increase in three months. Food and beverage retailers saw a modest 0.5% increase, supported by supermarkets and other grocery stores.
Preliminary estimates for June suggest retail sales will rise by 0.4%, potentially achieving a sixth consecutive monthly increase. However, Statistics Canada cautions that this figure may be revised. Overall, resilient consumer spending remains a key support for Canada’s economy, but price distortions from gasoline, along with risks from tariffs and extreme weather in the second half of the year, still warrant caution.

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Canada’s retail sales rose for the fifth consecutive month in May, but volume growth was modest; gasoline prices distorted the nominal figure, and early signs of core consumer recovery have emerged.

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