Retail Sales Decreased 0.6% In December 2024
After adjusting for the retail sales rate of inflation – measured at 2.2% in December – the overall volume of retail sales index decreased 0.6% when compared to December 2023, according to the recently released Retail Sales Index.
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the December 2024 Retail Sales Index publication.
“December’s volume of retail sales index decreased 0.6 per cent compared to last year. In value terms, retail sales increased to an estimated $120.2 million.
Chart extracted from the report:
“Three of the seven sectors recorded a year-over-year volume index increase in December 2024:
- The sales volume for Motor Vehicle Stores increased 20.4 per cent.
- Service Stations’ sales volume increased 12.6 per cent.
- The sales volume in the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals, and tourist-related goods] increased by 0.5 per cent.
“The following sectors had a decrease in sales volume compared to the previous year:
- Food Stores’ sales volume fell 3.1 per cent.
- Liquor Stores’ sales volume fell 4.3 per cent.
- The sales volume for Building Material Stores decreased 6.5 per cent.
- The sales volume at Apparel Stores decreased 5.6 per cent.
“Selected overseas declarations increased by 25.8 per cent compared to December 2023.”
The full December 2024 Retail Sales Index publication follows below [PDF here]:
“retail sales rate of inflation – measured at 2.2% in December”
Retail price inflation in the U.K. in December 2024 was measured at 2.5%. Retail price inflation in the U.S. in December 2024 was measured at 2.9%. Retail price inflation in the Canada in December 2024 was measured at 1.8%.
We must be buying the vast majority of our consumer goods from Canada in order to have a retail price inflation rate lower than the U.K. or U.S.