Alberta restaurants and bars did better in February
Seasonally adjusted receipts of food services and drinking places were up by 10% in February
By Siddhartha Bhattacharya, ATB Economics 27 April 2022 1 min read
Activity at Alberta’s restaurants and bars improved as the province moved to Step 1 of its easing of public health measures on February 9, 2022.
Seasonally adjusted receipts of food services and drinking places climbed $72 million (+10%) in February 2022 to reach $820 million, the highest point in six months.
The increase was more pronounced from where things stood back in February 2021. On an unadjusted basis, revenues were up by $389 million (+38%) through the first two months of the year. Consumer inflation contributed to the increase as prices of food purchased at restaurants were up by 2.7% during this exact timeframe.
The story was also positive nationally. With a big increase in February, Canadian restaurant and bar sales were up by $2.3 billion (+31%) year-to-date. Every province, with the exception of Prince Edward Island, contributed positively with Ontario responsible for the majority (41%) of the total gain.
Rising prices of food purchased at restaurants played a bigger role in boosting restaurant revenues in Canada, rising 4.4% over the first two months of 2022 compared to 2.7% in Alberta.
Alberta removed the majority of its province-wide COVID-19 restrictions as it entered Step 2 of its phased easing of public health measures on March 1, 2022. We expect to see further improvement in restaurant and bar sales in next month’s report.
Answer to the previous trivia question: Japan is the world’s third largest economy.
Today’s trivia question: Which fast-food chain was behind the infamous “Where’s the Beef?” ad campaign in 1984?