Inflation spurs retail sales in September
The impact of rising prices becomes more evident the deeper we get into 2021
By Rob Roach, ATB Economics 19 November 2021 less than a minute
After two months of decline, seasonally adjusted retail sales in Alberta posted a 1.7% ($120.7 million) increase in September.
Monthly sales increased in every province except Ontario. The 4.4% ($932.2 million) drop in Ontario pulled down the national total by 0.6%.
Unadjusted sales in Alberta over the first nine months of 2021 were 15.3% higher than over the same period in 2020.
Higher prices help explain only part of the year-to-date improvement, with inflation-adjusted sales still 11.6% higher over the first nine months of 2021 compared to the same nine months in 2020.
With that said, the impact of rising prices becomes more evident the deeper we get into 2021 with nominal sales up by 2.8% in September 2021 compared 12 months earlier but real sales down by 4.3%.
Answer to the previous trivia question: According to investopedia.com, “hyperinflation refers to rapid and unrestrained price increases in an economy, typically at rates exceeding 50% each month over time.”
Today’s trivia question: In what city is Nike, Inc. headquartered?