, but that was mostly due to higher prices as volumes pulled back, and the early estimate for August shows consumers are hunkering down.0.3 per cent to $66.1 billion, boosted by purchases at grocery stores and supermarkets, Statistics Canada said on Sept. 22, but volumes fell 0.2 per cent just as they did in June. Core retail sales, which exclude cars and gas, were up 1.3 per cent.
“The flash estimate could represent some of the first signs that the central bank’s latest hikes are taking a significant bite out of consumer spending,” he said. Flash estimate could represent some of the first signs that the central bank’s latest hikes are taking a significant bite out of consumer spending, along with the steady flow of upward mortgage renewals, figures to remain a headwind on discretionary consumer spending in Canada,” he said in a note. “Another sign of sluggish growth for the Canadian economy while the Bank of Canada, at the same time, grapples with above-target inflation.
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