Retail sales slipped in February
Inflation-adjusted retail revenue in Alberta in February 2022 was down by 6.0% compared to the same month the year before
By Rob Roach, ATB Economics 25 April 2022 less than a minute
On a seasonally-adjusted basis, retail sales in Alberta edged down by 0.1% ($9.4 million) in February compared to the month before. This was the fourth decline in the last six months.
Sales were, however, stronger than at the start of 2021 with (unadjusted) year-over-year sales up by 1.6% ($97.4 million). Gas stations posted the largest increase at +33.3% ($224.1 million) while food and beverage stores recorded the largest decrease at -12.5% ($154.4 million).
Here’s the rub: when we strip away inflation, retail revenue in February 2022 was down by 6.0% ($303.6 million) compared to the same month the year before.
Preliminary estimates suggest that sales were better in March, but the improvement may, once again, be eclipsed by the elevated inflation that was in play.
The picture is better nationally, with year-over-year sales in February rising by an impressive 7.6% and year-over-year sales volume increasing by 1.4%.
Answer to the previous trivia question: St. George is the patron saint of England.
Today’s trivia question: How much revenue did Walmart generate last year?