Canadian retail sales increased 0.9% month over month to $72.7 billion in March as sales increased in four of nine subsectors, led by gasoline stations and fuel vendors, said the country's statistical agency on Friday.
March's sales were slightly higher than the 0.6% month-over-month consensus gain provided by MUFG.
Statistics Canada provides an advance estimate of retail sales, which suggests that sales increased 0.6% month over month in April. This unofficial estimate was calculated based on responses received from 52.1% of companies surveyed. The average final response rate for the survey over the previous 12 months was 88.3%.
Core retail sales, which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers, were down 0.1% month over month in March.
In volume terms, retail sales decreased 0.7% month over month in March.
The largest increase in retail sales in March was observed at gasoline stations and fuel vendors (+12.4% month over month), added StatsCan. The increase in March coincided with higher gasoline prices related to the supply shock resulting from the conflict in the Middle East.
Retail sales were up 2.1% in Q1, marking a seventh consecutive quarterly increase. In volume terms, retail sales increased 1.2% in Q1.