Let’s go out for dinner!
Seasonally-adjusted revenues at Alberta’s food services and drinking places grew for the eighth consecutive month in September
By Siddhartha Bhattacharya, ATB Economics 24 November 2022 1 min read
Yesterday’s Owl showed how retail revenues have been retreating of late. Luckily, this is not the case for restaurant and bar activity.
Seasonally-adjusted revenues at Alberta’s food services and drinking places grew $5.8 million (+0.6%) in September, up for the eighth consecutive month so far this year.
Restaurant and bar activity across the province and the country continues to withstand inflationary pressures. Restaurant and bar revenues over the first three quarters of 2022 jumped 27.9% relative to the same period last year while prices of food purchased at restaurants rose by only 4.4%. The trend was similar nationally.
Revenues at the national level were slightly more upbeat in September, driven mainly by a sharp increase in Quebec (+6.6%).
Given escalating borrowing costs, sticky inflation and supply chain disruptions, the provincial economy is far from being out of the woods, but the hospitality sector appears—despite having to deal with higher operating costs and labour shortages—to be on relatively strong footing.
Answer to the previous trivia question: France beat Croatia 4 -2 to win the 2018 FIFA World Cup.
Today’s trivia question: What is the oldest fast food chain still operating today?