- Prior 1.3% revised to 1.2%
- Retail sales ex auto – +0.1% versus 0.3% expected. Prior month revised to 1.6% from 1.7%
- Sales C$70.0b
- Advance retail sale for January is expected at 1.5%
Details:
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Retail sales fell -0.4% to $70.0B in December
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3 of 9 subsectors declined, led by motor vehicle & parts dealers
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Core retail sales (ex-gasoline & autos) decreased -0.3% in December
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Retail sales volumes were unchanged in December
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Q4 2025 retail sales rose +0.1%, marking the 7th straight quarterly increase
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Q4 retail sales volumes fell -0.3%
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Full-year 2025 retail sales increased +4.0%, led by motor vehicle & parts dealers
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Retail sales volumes rose +2.3% in 2025
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Core retail sales fell -0.3% in December, after a +1.5% increase in November
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Building material & garden equipment dealers sales declined -4.0% (after two consecutive monthly gains)
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Furniture, home furnishings, electronics & appliance retailers fell -1.7% (second straight monthly decline)
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Sporting goods, hobby, musical instrument, book & miscellaneous retailers rose +1.0% (largest core gain in December)
Below is the breakdown of the winners and losers in graphical format.
In other data of Canada PPI data for December
- Headline PPI 2.7% versus -0.9% last month
- PPI YoY 5.4% vs4.3% last month
- Raw Material Prices MOM 7.7% vs 0.3% last month
- Raw Material Prices YoY 8.0% vs 3.5% last month
Details from the CanStat
Industrial Product Price Index (IPPI) – January
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IPPI rose +2.7% m/m (after -0.9% in December)
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Primary non-ferrous metals surged +18.2%, leading the monthly gain
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Precious metals drove the move:
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Industrial metals also higher:
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Energy & petroleum products rose +1.7% (diesel +3.4%, gasoline +2.6%)
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Softwood lumber +3.7% on tight supply from winter conditions & mill closures
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IPPI up +5.4% y/y (16th consecutive annual increase)
Raw Materials Price Index (RMPI) – January
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RMPI rose +7.7% m/m
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Metal ores, concentrates & scrap +15.6% (9th straight monthly gain)
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Silver ores +41.8%
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Gold ores +9.5%
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Nickel ores +19.2%
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Copper ores +10.6%
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Crude energy products +4.6% (conventional +4.9%, synthetic +4.3%)
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RMPI up +8.0% y/y
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Annual gains led by:
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Crude oil prices down y/y:
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Conventional -22.1%
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Synthetic -19.7%
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Some wild numbers with Gold, silver and platinum setting record high prices in January as global geopolitical uncertainty drove safe-haven investment demand. The price of Gold has decreased from a high in January of $5598. The current price is lower at $5026, but off the corrective low at $4402 . Meanwhile, China implemented restrictions on silver exports effective January 1
