Inflation at the consumer level is still cutting into the average citizen’s spending capacity.
The latest retail sales figures from StatsCanada look at activity in October and they were up. Nationally, up six-tenths of a point and half a point here. The big gainer across the country was spending on vehicles and automotive parts.
The report also says the volume of activity did not change so all of these gains are the result of rising prices. So, while inflation is slowing, it has not gone away completely.
And the early estimate for November from StatsCan, a figure that may be the first indicator from them on how consumers will behave in the run-up to Christmas, is for little or no change. The agency, though, is quick to say it is preliminary figure so it will likely change.
RBC is a lot of less vague. Their tracking of client credit cards which show consumers pulling back, down more than a full point in November as Black Friday was soft and people paused when Ottawa announced the GST holiday for December.
