The Canadian Statistics Agency reported that retail sales fell by 0.3 percent to 67 billion dollars in January with a decline in sales at new car dealers.

Total retail sales dropped in three of nine sub-sectors, with sales at automotive and parts dealers falling by 2.4 percent, marking the first decline for the group in five months. Sales at new car dealers decreased by 3.0 percent, while sales at used car dealers rose by 4.5 percent.

The agency explained that core retail sales – which exclude gas stations, fuel dealers, and automotive and parts dealers – increased by 0.4 percent in the first month of 2024.

The increase in core retail sales was partly due to higher sales in sporting goods, hobbies, musical instruments, books, and miscellaneous retailer sectors, which saw a 3.0 percent rise.

By volume, retail sales increased by 0.2 percent in January.

Looking ahead, the Canadian Statistics Agency says its preliminary estimates for retail sales in February indicate a 0.1 percent increase for that month, although it warned that the figure will be revised.