Hungry for more
Restaurant and food revenue rose in July
By Rob Roach, ATB Economics 4 October 2023 1 min read
The latest numbers from Statistics Canada show that sales at Alberta’s restaurants and bars increased for the second month in a row in July.*
Over a billion dollars was spent in July for an increase of 1.7% over June’s total.
On a year-to-date (YTD) basis, sales in the province were up 16.0% compared to the same seven months last year.
When we remove inflation** from the picture, we find that restaurant and bar revenue increased by 1.4% in July and by 9.1% on a YTD basis.
Despite these increases, it is important to note that inflation-adjusted (real) spending at Alberta restaurants and bars was stronger at the start of the year.
Real revenue in July was 1.2% below where it stood in January and 0.2% lower than in February. This suggests that sales, while up in recent months, may be caught in the same headwinds generated by elevated borrowing costs as the economy as a whole.
*All data in today’s Owl have been adjusted for seasonal variation.
**Estimated by deflating sales by “food purchased at restaurants” prices in the Consumer Price Index for Alberta.
Answer to the previous trivia question: The Canadian Federation of Independent Business (CFIB) was officially founded in 1971.
Today’s trivia question: When did the first pizzeria in Canada open?